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

FILE - In this file photo dated 1990, Aramco refinery at Ras Tannura, Saudi Arabia. The price of oil surged Friday Jan. 3, 2020, as global investors were gripped with uncertainty over the potential repercussions and any retaliation, after the United States killed Iran's top general Qassem Soleimani.(AP Photo/FILE) (Source: Anonymous)
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PROVIDENCE, R.I. (AP) - The global benchmark for crude oil has risen above $70 a barrel for the first time in over three months.

The increase came 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.

Copyright 2020 Associated Press. All rights reserved.

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