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| Oil Prices Jump After U.S. Air Strike Kills Iranian Military Leader | |
| (about 2 hours later) | |
| HONG KONG — Oil prices jumped early Friday in Asia on news that a powerful Iranian military leader was killed in a strike authorized by the United States, ratcheting up geopolitical tensions and threatening to disrupt world access to oil supplies. | HONG KONG — Oil prices jumped early Friday in Asia on news that a powerful Iranian military leader was killed in a strike authorized by the United States, ratcheting up geopolitical tensions and threatening to disrupt world access to oil supplies. |
| The price of Brent oil, the international benchmark, surged in the early hours of Hong Kong trading to nearly $70 a barrel — an increase of $3 — after the Pentagon said Mr. Trump had authorized the strike against Maj. Gen. Qassim Suleimani. West Texas Intermediate, the American oil benchmark, rose to nearly $64 a barrel, or $2.50 higher. | The price of Brent oil, the international benchmark, surged in the early hours of Hong Kong trading to nearly $70 a barrel — an increase of $3 — after the Pentagon said Mr. Trump had authorized the strike against Maj. Gen. Qassim Suleimani. West Texas Intermediate, the American oil benchmark, rose to nearly $64 a barrel, or $2.50 higher. |
| Analysts warned that the strike would be interpreted by Iran as an act of war. Iran’s supreme leader, Ayatollah Ali Khamenei, pledged “harsh retaliation,” according to the Iranian state media. These developments raised the prospect of volatility in Iran and Iraq, two major oil producers. | Analysts warned that the strike would be interpreted by Iran as an act of war. Iran’s supreme leader, Ayatollah Ali Khamenei, pledged “harsh retaliation,” according to the Iranian state media. These developments raised the prospect of volatility in Iran and Iraq, two major oil producers. |
| By noon in Hong Kong, the price of Brent crude oil had come down from a peak to settle around a six-month high of $68.44 a barrel. | By noon in Hong Kong, the price of Brent crude oil had come down from a peak to settle around a six-month high of $68.44 a barrel. |
| The immediate jump in the price of oil was among the largest since an attack on a critical Saudi oil installation in September that temporarily knocked out 5 percent of the world’s oil supply. While Friday’s strike did not target any oil production, it raised fears of a protracted conflict in the region that could see strategic attacks on oil fields. | The immediate jump in the price of oil was among the largest since an attack on a critical Saudi oil installation in September that temporarily knocked out 5 percent of the world’s oil supply. While Friday’s strike did not target any oil production, it raised fears of a protracted conflict in the region that could see strategic attacks on oil fields. |
| In other markets, investments that are considered safe havens for parking money, such as gold or currencies like Japan’s yen, strengthened on the news. | In other markets, investments that are considered safe havens for parking money, such as gold or currencies like Japan’s yen, strengthened on the news. |
| Stocks markets were more stable, with shares in Tokyo, Hong Kong and Shanghai dipping only slightly. | Stocks markets were more stable, with shares in Tokyo, Hong Kong and Shanghai dipping only slightly. |
| The coming days could see more pressure on assets that investors consider riskier like stocks. It could also threaten a rally that began just a day ago in global markets. | The coming days could see more pressure on assets that investors consider riskier like stocks. It could also threaten a rally that began just a day ago in global markets. |
| European markets looked poised for some volatility, and Wall Street looked set to take the biggest hit, according to trading in the futures markets. On Thursday, Wall Street finished the first day of trading in 2020 at an all-time high. Futures trading showed that it could fall by as much as 1 percent when it opens again on Friday. | European markets looked poised for some volatility, and Wall Street looked set to take the biggest hit, according to trading in the futures markets. On Thursday, Wall Street finished the first day of trading in 2020 at an all-time high. Futures trading showed that it could fall by as much as 1 percent when it opens again on Friday. |