SINGAPORE: Oil extended its dramatic surge above $70 a barrel as the fallout between the U.S. and Iran escalated after the assassination of one of the Islamic Republic’s most powerful generals.
Futures jumped by another 3% on Monday as the U.S. State Department warned of a "heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia. Prices got a further boost as President Donald Trump reiterated threats of retaliation should Iran "do anything” and vowed heavy sanctions against Iraq if American troops are forced to leave OPEC’s second-biggest producer.
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