The price of oil surged Friday as global investors were gripped with uncertainty over the potential repercussions after an American airstrike killed Iran's top general.
“Revenge will come, maybe not overnight but it will come and until then we need to increase the geopolitical risk premium,” said Olivier Jakob, head of consultancy Petromatrix, in a note to investors.In September, Yemen's Iran-backed Houthi rebels launched drone attacks on the world's largest oil processing facility in Saudi Arabia. The strike briefly took out about half of the supplies from the world's largest oil exporter. The U.S.
About 80% of the crude oil that goes through the Strait of Hormuz goes to countries in Asia, including China, Japan, India and South Korea. But the rise in the global price of oil will affect other countries more widely, particularly oil-importing countries with big manufacturing sectors like Germany and Italy. Those countries fared worst in the stock market on Friday, with their main indexes falling 1.4% and 1.1% respectively.
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