Crude oil prices bumped up by about 3 percent Friday after a top Iranian military commander was killed in an airstrike ordered by President Donald Trump, but analysts agreed that what happens next will be far more significant for world petroleum markets. “No real oil volumes have been lost, and the overall market is well supplied. In fact, Saudi Arabia has significant spare capacity at the moment,” John Kilduff, an analyst with Again Capital, a New York investment firm, wrote in an email. “Still, this is a big deal, and the market is on tenterhooks, awaiting Iran’s response.” The killing of Qasem Soleimani, commander of Iran’s Quds Force, whose car was struck by a missile as he was leaving the airport in Baghdad late Thursday night, was described as a “cowardly and vicious act” by Iranian President Hassan Rouhani. “Iran will take revenge for this heinous crime,” he said. Iran’s defense minister, Amir Hatami, said the strike by the “arrogant U.S.” would be met with a “crushing” response. Foreign Minister Mohammad Javad Zarif called the strike an “act of international terrorism” and said in a tweet that the United States “bears responsibility for all consequences of its rogue adventurism.” An… Read full this story
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