Oil prices rise after Iran’s missile strike on US bases , Gold ascends to 6 year high

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By T. Moharana

Biznextindia: Global Energy and commodity prices have risen after Iran struck on two US bases in Iraq with ballistic missiles. With the situation is feared to be escalated further after US’ response, Oil price is likely to rise very sharply in the coming days.

While the benchmark Brent Crude was up by 1.35% to USD 69.19, WTI crude also rose by 1.04% to USD 63.35 per barrel. Meanwhile, the OPEC basket has also risen sharply by 5.57% to cross the USD 70 mark.

The Middle East tension has also pushed international Gold prices northwards as investors seek protection from equity market plunge.  Gold prices on Wednesday risen to USD 1600 per ounce for the first time in 6 years. Experts have predicted that Gold may touch USD 1625 this month if the tension persists.

Iran Strikes US bases

Days after the US assassinated top Iranian commander Qassem Soleimani, Iran in the early hours of Wednesday launched a series of missile attacks on US facilities in Iraq. Iranian state television said that the Revolutionary Guards Corps had attacked Ain al-Asad military base, where US troops are stationed. A second facility near Erbil airport was also hit.

Iran has claimed that over 80 US forces have killed in the strike.

 

Responding to this the US president Donald Trump has Twitted that assemssment of the damages are being carried out and he will be making a statement by tomorrow.

“All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good! We have the most powerful and well-equipped military anywhere in the world, by far! I will be making a statement tomorrow morning” he twitted.

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