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Crude Price Skyrockets amid rising tension between US and Iran

Crude oil price witnessed a steep increase since Friday, 3rd January 2020 following assassination of Iran’s top General Qassem Suleimani by the US army, the consequences of which would be rippled effect across the globe. Prices surged as high as 4%, before paring those gains. WTI crude oil futures for February ended up $0.12, or about 0.2 percent, at $61.18 a barrel. US president Donald Trump claims that the attack was only to prevent war-like situation on grounds that Suleimani’s militia had made clandestine plans to wage series of attacks on US, targeting diplomats, senators and other officials of the State. Retaliation by the Iranian government is most likely to happen unless any third-party mediators try to pull back these two forces. Iranian government has already announced of abandoning the ‘Final limitations in the nuclear deal’ and law makers are already demanding the Iranian government to end the presence of American forces in the country. Crude and its derivatives prices are expected to rise further in anticipation of an escalation in the situation.