Brent jumps above $70 on Middle East tensions

International oil benchmark crude "Brent" prices continued to rise as the US market opened on Monday, to jump above $70 a barrel for the first time in eight months, on worries over supply disruption in the Arab Gulf region, amid the geopolitical tensions between the US and Iran, the killing of Leader of the Quds Force, Iranian General Qassem Soleimani.

Brent rose to $70.72 a barrel (the highest since May 23), after it opened at $69.30, and hit a session low of $69.23.

Brent gained 3.6% on Friday, its largest daily gain since Nov. 1, after the US announced the killing of the Iranian military leader, Qassem Soleimani, in an airstrike on Baghdad airport.

During the past week, oil prices gained around 1.5%, the fifth straight weekly gain, and the longest weekly gain streak since March 2019, on hopes about the US-China trade pact, a drop in US crude inventories, and fears over supply disruptions in the Arabian Gulf region.

Following the killing of Leader of the Quds Force, Iranian General Qassem Soleimani and commander of the Iraqi Hashd militia,  Abu Mahdi Al-Muhandis, in a US airstrike on Friday morning on Baghdad International Airport.

Iran has announced that it will not abide by the restrictions of uranium enrichment agreed under the 2015 nuclear agreement, and the Iraqi parliament has passed a resolution calling on the Iraqi government to expel foreign forces in the country.

While President Donald Trump threatened to impose sanctions on Iraq Sunday, if the US forces are forced to withdraw from the country, and pledged to respond to Tehran at any time.

US Secretary of State, Mike Pompeo, stated that Washington would target any of the political decision makers in Iran, if Iran responded to the killing of Qassem Soleimani on US interests by Iran or their proxies.