Forex Marketz Daily Forex News – Fully Markets Update
During the Asian trade session on Friday, Brent crude oil futures jumped higher after the United States killed a top Iranian military general in Iraq.
The Brent contract, at one point, soared $3 per barrel to trade at its highest price pont since September.
The United State, in the same airstrike, also killed other key Iranian military personal. General Qassem Soleimani, and Iranian backed Iraqi militia commander Abu Mahdi al-Muhandis were assassinated by a U.S. airstrike that targeted their convoy at the Baghdad airport.
Oil traders that mounting military tensions in the Middle East could disrupt the flow of oil from the region, thus hurting supply and boosting demand.
At one point the Brent crude oil futures contract was up $3 per barrel to trade at its highest price level since September 17. This was at $69.16 a barrel. As of 3 am GMT, the Brent contract was up two dollars per barrel to trade at $68.25 a barrel.
U.S. West Texas Intermediate (WTI) crude oil futures, for front end deliver, also gained. This contract added $1.76 to trade at $62.94 a barrel. Earlier, in the Asian session this contract was trading at its highest price point since May 1 at $63.84 a barrel.
Crude Oil Monitor Military Tensions in the Middle East and wait on US Economic Data
Overnight, the United States launched an airstrike at a convoy traveling to the Baghdad airport. The U.S. has killed Iranian General Qassim Soleimani. He was head of the Iranian elite Quds Force.
The U.S. also killed Abu Mahdi al-Muhandis. He was the deputy commander of Iranian backed militias. This attack has been confirmed by the U.S. Pentagon and by Iran.
On the economic calendar, for today, the United States will also publish ISM manufacturing PMI data. The Institute for Supply Management (ISM) manufacturing purchasing managers’ index (PMI) data will be released during the North American trade hours at 4 pm GMT.
The United States will also publish oil and natural gas inventories for last week.
