Monday, June 5, 2023

Oil surges as Iran says it attacks Iraq base housing U.S. troops

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(Bloomberg) – Oil futures surged in New York after Iran said it started attacks on an Iraqi airbase that hosts U.S. troops. Spot gold also jumped.

West Texas Intermediate crude jumped as much as 4.4% to $65.48 a barrel on the New York Mercantile Exchange after Iran’s state television reported the country started operation “Martyr Soleimani” at dawn with several rockets being fired at Ayn al-Asad base in Iraq.

Reports of the attacks reignited fears that Iran’s promised retaliation against the U.S. killing of a top general last week will spark a wider conflict in the Middle East that could disrupt global oil supplies.

U.S. President Donald Trump has been briefed on reports of attacks on U.S. facilities in Iraq and is monitoring the situation closely with his national security team, the White House said in a statement.

WTI futures were up 3.6% at $64.93 a barrel at 7:46 a.m. in Singapore. Spot gold jumped 1.5% to $1,598.30 an ounce.

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