Oil Prices Drop to Below Levels Before Assassination of Iranian General
International oil prices have dropped to below the levels they were trading at prior to the U.S. air strike that killed top Iranian military leader, General Qasem Soleimani. Brent crude oil prices, which had spiked to almost US$69 per barrel a week ago on January 3rd in the immediate aftermath of the assassination, had fallen back down to US$65 per barrel on Friday. The drop suggests international oil traders are no longer worrying about the threat of a serious protracted military conflict between Iran and the U.S. or any of its Middle Eastern allies. Instead, traders seem to be focusing on the downside risks to oil prices from growing U.S. inventories and other indicators of strong supply in international markets.