Oil Price Surges 4% After the Report of the Attack in Baghdad!

Oil prices rocketed in the Asian trading this morning reached to 4% after the death of Iranian high-ranking commander and the leader of the Quds force, Qassim Soleimani was killed by the US launched a rocket at Baghdad International Airport, following the protest in the US Baghdad Embassy. The Pentagon also confirms the death of Soleimani and stated that “This strike was aimed at deterring future Iranian attack plans”

Qassim Soleimani is one of the most important figures of military in many countries such as Iraq, Lebanon, Syria and Yemen.  This attack spurs more tension in the Middle East region and affects the oil price rocketed in this morning. The price Brent crude was up 2.88% to $68.14 per barrel nearly their highest since September and U.S. crude rose 2.70% to $62.82 per barrel.

Meanwhile the Reuters points that oil prices were also lifted by China’s central bank regarding the Wednesday statement, saying that the back was cutting the amount of cash that banks must hold in reserve, releasing around 800 billion yuan ($115 billion) in funds to support Chinese economy.