The Show on KJZZ

Listen live weekdays at 9 a.m.

Oil Prices Increase Following Drone Strike That Killed Iran's Top Military Leader

Published: Friday, January 3, 2020 - 2:30pm

A U.S. military drone strike that killed Iran’s top military leader is already leading to increased crude oil prices.

While the price of Brent Crude, the international benchmark, is trading up, AAA Arizona spokesperson Aldo Vasquez said Arizonans should not expect to see immediate increases at the pump.   

“Today’s news is already driving crude oil prices higher in the market which is to be expected when it comes to current events. The impact to consumers will depend on how expensive crude oil prices go and the duration at which crude sells at the higher price point in the market,” Vasquez said.  

According to the Economic Times, the price for crude oil futures rose 4% following news of the strike.

By comparison, oil prices rose more than 14% last September after attacks on Saudi oil production facilities.