US strike on Iran could cost the world higher oil prices and global turmoil

The United States’ recent aggressive show of power could cost the world an economic turmoil triggered by the higher oil prices. Following the news of US drone strike killing Iranian commander Qasem Soleimani, oil prices went up over four percent on Friday. Soleimani, who was killed in an attack on Baghdad's international airport early Friday, was head of Iran’s Quds Force, one which the US designated as a terrorist group.

US President Donald Trump’s orders which brought US forces in direct war with Iran has been criticized by many for the recent escalation that could trigger another war in the oil-rich region. As the consequence of the attack, investors fear that the supplies of the commodity would be hit, and market anxiety led to pushed Brent up by 4.4 percent to $69.16 and WTI jumped 4.3 percent to $63.84. Brent prices reached its peak like last year when oil prices spiked more than 14% in September after the attacks on Saudi Arabian energy production facilities. The current scenario is hinting at more significant oil supply disruptions and renewed upward pressure on prices.

In retaliation to the US strike, Iran pledged to seek revenge. This made investors worry about the disrupted supplies, as they fear that Iran would target commercial shipping in the region like last year, when oil tankers, carrying roughly 20 million barrels of oil, were attacked near the Strait of Hormuz by Iranian forces.

Trump justified that the US midnight airstrike was made to make the Middle East safer. His statement left the world community and global investors muddled and unnerved. Many, trying to get a better understanding of the reason asked if attacking Iran was the solution to peace and stability in the region, then why now and not earlier. Also when everything is settled now then why did Trump order US citizens working in Iraq to leave at the earliest and deployed 3,500 more troops in the region.

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