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Oil Rates Surge After Events in Baghdad

Crude futures for international benchmark Brent surged by almost $3 on Friday, touching their strongest result since September 2019 after a previous U.S. airstrike, raising worries that escalating Middle East tensions may disarray crude supplies.

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Brent futures with delivery in March surged by 3.11 percent, to $68,31 per barrel at 0832 GMT, while U.S. WTI crude futures with delivery in February soared by 2.94 percent, to $62,98 per barrel.

According to recent Reuters news after U.S. airstrike at the Baghdad International Airport on Friday were killed two officials from Iran and Iraq. 

These events mark a fresh escalation in the regional “shadow war” between Iran and the U.S. and allies. 

Meantime, Iraq, being the second biggest producer among the OPEC members, exports near 3.4 million barrels per day of oil mostly from southern Basra port.

Oil rates were raised also by China’s central bank incentives, following the recent data regarding China’s production, which turned to continue growing at solid pace, as well as the improved business confidence.