Oil prices stabilized on Wednesday after rising sharply\nearlier, amid fears of an escalation of the conflict between the United States\nand Iran.<\/p>\n\n\n\n
Iran launched more than a dozen ballistic missiles at bases\nin Iraq that include American forces in response to the American air strike\nthat killed a prominent Iranian general last week, which led to a 4% rise in US\ncrude oil prices.<\/p>\n\n\n\n
US crude futures later gave up most of these gains, trading\naround 0.3% at around $63 a barrel. Brent crude, a global oil index, rose 0.6%\nto nearly $68 a barrel.<\/p>\n\n\n\n
These attacks were an Iranian response to the killing of the\nUnited States last week by Major General Qasem Soleimani in Baghdad. Iran\ncalled the attack “an act of war” and “state terrorism” and\nvowed to retaliate.<\/p>\n\n\n\n
” It comes as no surprise that there has been a\nreprisal from Iran \u2014 the concern is that this is just the sign of things to\ncome,\u201d said Matt Smith, commodity research director at ClipperData.<\/p>\n\n\n\n
President Donald Trump, who had previously visited a\ntargeted air base, was informed of the missile attacks. The Pentagon said it is “working on preliminary assessments of the battle\ndamage” and “will” take all necessary measures to protect and\ndefend US personnel and allies in the region.<\/p>\n\n\n\n
Trump had earlier pledged to respond to Iran if it\nretaliated against an American drone raid that killed Qasim Soleimani,\ncommander of the Islamic Revolutionary Guard Corps.<\/p>\n\n\n\n
Investors are on high alert for any signs of a clash between\nthe United States and Iran that threatens oil supplies in the Middle East.\nCrude oil prices fell earlier this week in the hope that energy supplies will\nnot be affected by tensions.<\/p>\n\n\n\n
The Minister of Energy of the United Arab Emirates said on\nWednesday that OPEC is ready to respond with the escalation of tensions in the\nMiddle East, saying that no country can afford a return to a situation in which\ncrude oil costs $100 a barrel.<\/p>\n\n\n\n
UAE Energy Minister Suhail Al Mazroui said that OPEC will\nstrive to ensure the availability of a lot of energy supplies. ” We will\nalways make sure that we supply the world with whatever it requires,” Al\nMazroui said, adding that the United Arab Emirates is building spare capacity\nto avoid shortages.<\/p>\n\n\n\n
High oil prices could strike the global economy, which is\nalready struggling with weak industrial activity. Dow Jones futures fell more\nthan 400 points during Asian trading hours on Wednesday. Dow Jones futures were\ndown about 50 points.<\/p>\n","protected":false},"excerpt":{"rendered":"
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