Crude oil prices surge after Iranian general death news goes viral

The crude oil prices witnessed a surge after the news of a top Iranian general went viral on social media. General Qassem Soleimani, head of Iran's elite Quds Force, was killed by US drone strike at Baghdad's international airport on Friday, a decision the US Department of Defence said was approved by US president Donald Trump in response to previous attacks orchestrated by Soleimani on American citizens across the Middle East region.

Oil prices rocketed by nearly 4% in the morning of Asia trading hours while brent crude soared 3.98% to $68.90 per barrel, while U.S. crude surged 3.87% to $63.55 per barrel. Hours after the Pentagon's announcement, Iran's Foreign Minister Mohammad Javad Zarif said on Twitter that the death of Soleimani was extremely dangerous and foolish escalation. The recent development has marked a new low in US-Iran relations. According to Iraq officials, the strike also killed Abu Mahdi al- Muhandis deputy commander of Iran-backed militias in Iraq.