THE new decade started on a turbulent note for the oil markets with the US and Iran coming closest than they ever have to a direct conflict following the US killing of Iranian military commander Qassem Soleimani in a drone strike in Baghdad on January 3.
The incident sent Brent futures prices racing above US$70/b briefly, before a de-escalation of the crisis pulled prices back to the mid-US$60s/b. S&P Global Platts Analytics expects Brent upside to be capped in the high-US$60s/b range.
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