Oil Price Hits $69 After US Killed Iran’s Soleimani.

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World oil prices jumped nearly $3 on Friday after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East, with Tehran warning of “severe” retaliation.

The international oil benchmark, Brent crude, hit $69.16 per barrel, its highest since September 17, 2019 before easing to $68.81 per barrel as of 8:30pm Nigerian time.

The US West Texas Intermediate surged by $2.03 to $63.21 per barrel, having earlier spiked to $63.84 a barrel, its highest since May 1, according to CNBC.

An air strike at the Baghdad Airport early on Friday killed Major-General Qassem Soleimani, the architect of Iran’s spreading military influence in the Middle East and a hero among many Iranians and Shi’ites in the region.

Iran’s Supreme Leader Ayatollah Ali Khamenei said harsh revenge awaited the “criminals” who killed Soleimani.

The United States embassy in Baghdad urged on Friday all citizens to depart Iraq immediately due to heightened tensions.