Oil prices jump after top Iranian general killed by US

Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production.

The price of Brent crude jumped by more than 3% and at one point hit $69.50 a barrel, the highest since September.

It came after General Qasem Soleimani was killed in a US drone strike at Baghdad airport, which the Pentagon described as “defensive action”.

The price spike pushed oil stocks on the London stock exchange higher, with BP up 2.7% and Royal Dutch Shell nearly 1.9% higher.

Shares in US oil companies such as Exxon Mobil dropped, however, amid a wider US market fall prompted by weak manufacturing data and concerns about the implications of the Middle East conflict.

The Dow and the Nasdaq closed down about 0.8%, while the S&P 500 dropped by 0.7%. The declines followed record highs a day earlier.

Read More Here