Oil price keeps rising, industry frets over Iran-US conflict

Posted at 6:03 AM, Jan 06, 2020
and last updated 2020-01-06 06:03:56-05

(AP) — The global benchmark for crude oil has risen above $70 a barrel for the first time in over three months.

The increase comes amid jitters over the escalating military tensions between Iran and the United States, after an American drone strike killed Iranian Gen. Qassem Soleimani.

The price of oil is now up more than 5% since the killing, and major stock markets are  down around the world amid fears of how Iran would fulfill its vow of "harsh retaliation."

The energy industry is worried that Iran could strike at oil and gas facilities along the Persian Gulf that are important to the U.S. and its regional allies.