Oil prices, which had skyrocketed nearly 4%, appear to have stabilized around 3% higher.
Crude oil prices skyrocketed and U.S. stock market futures fell on Thursday night following news that a top Iranian general and an Iraqi militia’s deputy commander were killed in a U.S. airstrike at Baghdad’s airport.
Late Thursday night, the Pentagon said President Donald Trump had approved the attack, and said Soleimani “was actively developing plans to attack American diplomats and service members in Iraq and throughout the region.” Their deaths are a potential turning point in the Middle East represent a drastic change for American policy toward Iran after months of tensions.
“Equity futures are tanking, gold futures are surging — as the geopolitical risk Index rockets higher,” Stephen Innes, chief Asia market strategist for AxiTrader, wrote in a note. “This is more than just bloodying Iran’s nose. This is an aggressive show of force and an outright provocation that could trigger another Middle East war. Indeed we are waking up to a less safe world than it was only hours ago.
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