Oil prices could surge toward $80 a barrel if geopolitical tensions disrupt Middle East crude supplies, analysts told CNBC on Friday.
stood at $63.38, over 3.5% higher, paring some of its gains after climbing to $63.84 earlier in the session.
In the hours after Soleimani's death, "one thing is clear: Iran will respond," analysts at political risk consultancy Eurasia Group said in a research note published Friday. Meanwhile, Iran's Foreign Minister Javad Zarif said on Twitter that the killing of Soleimani was "extremely dangerous and a foolish escalation."Soleimani has long been a key figure in Iranian politics and was widely regarded as the second-most powerful figure in the country — behind Khamenei.by the U.S. as a Foreign Terrorist Organization since April last year. Washington had blamed Soleimani for this week's attack of the U.S. embassy in Baghdad.
OPEC and non-OPEC allies, sometimes referred to as OPEC+, agreed to cut oil production by an additional 500,000 barrels per day from Jan. 1, further deepening their previous cut of 1.2 million b/d."If we were to see a lack of escalation then potentially this initial spike is probably about enough for now," James Athey, senior investment manager at Aberdeen Standard Investments, told CNBC's "Capital Connection" on Friday.
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