On Friday, oil prices jumped by more than $1 following a U.S. air strike at the Baghdad International Airport which resulted in the death of a key Iranian and Iraqi military personnel.

Brent crude futures LCOc1 was up by 1.86% at $67.48 a barrel, by 0202 GMT, while West Texas Intermediate (WTI) crude futures CLc1 rose by 1.68% to $62.21 a barrel.

“The supply side risks remain elevated in the Middle East and we could see tensions continue to elevate between the U.S. and Iran-backed militia in Iraq,” said Edward Moya, an analyst at brokerage OANDA.

“The air strike at the Baghdad International Airport early on Friday killed Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis”, said a spokesman of the Iraqi militia.

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