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Crude Oil Price Rises to $69 Per Barrel After US Attack on Iranian Commander

Global crude oil prices jumped by 4% on Friday, January 3rd, 2019, following the killing of an Iranian commander and one of the most powerful military leaders, Qassem Soleimani during the U.S airstrikes.

Business Insider SSA checks showed that Brent crude futures (an international benchmark for crude oil) stood at $68.9 per barrel while US West Texas Intermediate (WTI) also stood at $63 per barrel.

 

Iranian commander Qassem Soleimani  (AP)Iranian commander Qassem Soleimani (AP)

ASSOCIATED PRESS

According to aljazeera, General Qassem Soleimani was killed following a US air raid at Baghdad’s international airport on Friday.

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The attack followed a direct order from US President Donald Trump serving as a warning on ‘future attacks’ on U.S. diplomats throughout the region, the White House and the Pentagon, said.

What does this mean for the global community

The crude oil prices are expected to continue to rise as geopolitical tensions mount in the entire region.

 

Photos of the 2020 Budget signing by President Buhari (Twitter @BashirAhmaad)Photos of the 2020 Budget signing by President Buhari (Twitter @BashirAhmaad)

In Nigeria, President Muhammadu Buhari-led government has pegged the 2020 budget on $57 per barrel for the global oil price.

The government also estimated crude oil production of 2.18m barrels per day. Any upshoot in the price of crude oil in the global market means more revenue for an economy that relies heavily on oil output.

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Written by How Africa

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