Oil tops $70 as Iran, Trump trade threats - Reuters

Oil tops $70 as Iran, Trump trade threats - Reuters:

Oil prices rose over 1% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.

Brent crude futures LCOc1 soared to a high of $70.74 a barrel and was at $69.55 at 1150 GMT, up 95 cents, or 1.38%, from Friday’s settlement.

U.S. West Texas Intermediate CLc1 crude was at $63.77 a barrel, up 72 cents, or 1.14%, after touching $64.72, the highest since April.

The gains extended Friday’s more than 3% surge after a U.S. air strike in Iraq killed Iranian military commander Qassem Soleimani on Friday, heightening concerns about an escalation in conflict in the Middle East and the possible impact on oil supplies.