Oil rush calms down as market fears of more attacks ease
to discuss it. Mr Johnson told MPs he was “very surprised” that Mr Corbyn “has yet to condemn the activities of Qassem Soleimani”.
Mr Corbyn’s spokesman said: “Since the assassination of senior officials is, on the face of it, entirely illegal in international law, that defence – the defence of an imminent threat – has to be made public for there to be any question of there being legality around it.
“No such evidence has been forthcoming and, on the face of it, it’s hard to see how that would be the case.”
THE price of oil went on a rollercoaster ride yesterday after Iran’s attack on US bases.
Brent Crude futures surged to a near four-month high at $71.75 a barrel. Investors also piled into the traditional “safe-haven” of gold, which at one point surged past £1,221 an ounce for the first time in nearly seven years.
The Japanese Yen and Swiss Franc were also up. But as the day wore on, the gains evaporated as Iran played down the prospect of further attacks.
The FTSE 100 index of leading shares recovered from a 50-point deficit to close up one point at 7574, while French, German, Italian and Spanish markets also closed higher.
Adam Cole, of RBC Capital
Markets, said the news of the attack sparked an immediate sell-off in risk but added: “A growing sense that this will be the full extent of Iranian retaliation has seen this fully reverse.”
Although two major tanker operators suspended crossings in the Strait of Hormuz, the United Arab Emirates played down any immediate risk. Opec said Iraqi oil wells are secure and output continues.
Brent and US light crude futures prices later traded about 4 per cent lower at about $66 and $60 respectively as initial fears of a wider conflict eased.
Neil Wilson, of Markets.com, said the strike seemed not from “a belligerent nation seeking war – rather a face-saving exercise we expected”.