Oil prices soar after Iran’s retaliatory strikes on US airbases | Finance report

Oil and energy shares are among the big gainers as tensions escalate between Iran and the United States.

After Iran’s strikes on Iraqi airbases housing US troops, crude prices surged to an 8-month high before easing back.

And if that trajectory continues, Australian motorists could start to feel the pinch at the petrol pump.

Phillip Lasker explains.

Read more here: https://www.abc.net.au/news/2020-01-08/iran-attacks-us-bases-in-iraq-after-qassem-soleimani-death-live/11851492

For more from ABC News, click here: https://ab.co/2kxYCZY
You can watch more ABC News content on iview: https://ab.co/2mge4KH

Subscribe to us on YouTube: http://ab.co/1svxLVE
Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
You can also like us on Facebook: http://facebook.com/abcnews.au
Or follow us on Instagram: http://instagram.com/abcnews_au
Or even on Twitter: http://twitter.com/abcnews

In This Story: Iran

Iran, also called Persia, officially the Islamic Republic of Iran, is a country in Western Asia. Its central location in Eurasia and proximity to the Strait of Hormuz give it significant geostrategic importance. Tehran is the capital and largest city.

Iran is home to one of the world’s oldest civilizations, beginning with the formation of the Elamite kingdoms in the fourth millennium BC. The Iranian Revolution established the current Islamic Republic in 1979.

Iran’s political system combines elements of a presidential democracy and an Islamic theocracy. Iran is a founding member of the UN, ECO, OIC, and OPEC. It is a major regional and middle power and has large reserves of fossil fuels — including the world’s largest natural gas supply and the third largest proven oil reserves.

The country’s rich cultural legacy is reflected in part by its 22 UNESCO World Heritage Sites. Historically a multi-ethnic country, Iran remains a pluralistic society comprising numerous ethnic, linguistic, and religious groups, the largest being Persians, Azeris, Kurds, Mazandaranis and Lurs.

4 Recent Items: Iran

  • Migrant’s year-long attempt to cross the English Channel – BBC News
  • Iranian president: Sanctions are U.S.’s mechanism of war
  • Afghan refugees fear deportation at Iranian border • FRANCE 24 English
  • Iran’s president slams US in first speech to UN as leader • FRANCE 24 English
  • Leave a Comment

    We don't require your email address now, just your name. BUT, if you do add it, you may be notified if there are replies to your comment. Please make respectful comments, which add value, and avoid personal attacks on others. Comments failing to adhere to these guidelines will not be published.