CNN: Crude oil tops $70 as US-Iran tensions escalate
Oil prices continued to rise Monday as tensions escalate between the United States and Iran.
Futures for Brent crude, the global benchmark, gained 2.4% to reach $70.24 per barrel — the first time prices have hit that amount in more than six months.
US oil futures advanced 2.1% to reach $64.36 per barrel.
Oil prices rose more than 3% on Friday after Qasem Soleimani, a top Iranian commander, was killed in a US strike ordered by President Donald Trump. The killing risks further escalating tensions in the Middle East, which is home to major oil producing countries and key energy supply routes.
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Update: Oil prices jump 2% in early trading as tensions in the Middle East mount, Brent crude tops $70 (CNBC)
WNU Editor: These prices will be cheap if Iran blocks the gulf.
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