Oil prices rocketed in the morning of Asia trading hours, following confirmation by the Pentagon that Iran’s top commander was killed in a U.S. airstrike in Baghdad.
Oil prices surged as high as 4%, before paring those gains.
General Qassim Soleimani, who led a special forces unit of Iran’s elite Revolutionary Guards, was killed in a U.S. drone strike in Baghdad, the Pentagon confirmed on Thursday night.
The head of Iran’s Quds Force, Qasem Soleimani, was hit in an attack on Baghdad’s international airport early Friday, according to Hashed, a powerful Iraqi paramilitary force linked to Tehran.
Later, Donald Trump tweeted a picture of the American flag, and the Pentagon said he had ordered Soleimani’s killing.
Brent surged 4.4% to $69.16 and WTI jumped 4.3% to $63.84 as investors grow increasingly worried about a possible flare-up in the tinderbox Middle East.
“This is more than just bloodying Iran’s nose,” said AxiTrader’s Stephen Innes. “This is an aggressive show of force and an outright provocation that could trigger another Middle East war.”