Rising tension between the United States and Iran caused concern for oil supply and transportation when the U.S. killed Iranian major general Qasem Soleimani on January 3, 2020 in a drone strike in Iraq. In retaliation, Iran launched numerous ballistic missiles at targets inside Iraq including the Ain al-Assad airbase which houses U.S. troops. Protests continue in Baghdad this week and more rocket strikes have been reported in the city’s Green Zone, the heavily fortified area of the capital that houses the U.S. Embassy.

The initial escalation of force sent oil prices to multi-month highs of $68.91 and $63.27 for Brent and WTI crude grades, respectively, on January 6, 2020. A hot conflict in the Middle East could quickly disrupt oil produ...


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