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Jakarta Post

Asia calm despite looming risks to Mideast oil supply

  • Mriganka Jaipuriyar

    Head of News-Asia at S&P Global Platts

Singapore   /   Fri, January 24 2020   /  01:31 am

The new decade started on a turbulent note for the oil markets with the United States and Iran coming closest than they ever have to a direct conflict following the US killing of Iranian military commander Qassem Soleimani in a drone strike in Baghdad on Jan. 3.The incident sent Brent futures prices racing above US$70 per barrel briefly, before a de-escalation of the crisis pulled prices back to the mid-$60s per barrel. S&P Global Platts Analytics expects Brent upside to be capped in the high-$60s per barrel range. While geopolitical risks have deflated, S&P Global Platts Analytics has warned that further retaliation is still possible.“Iran’s relatively restrained initial reaction to US drone strikes [has] cooled the temperature for now, but we believe its retaliation is far from complete, and will revert to more typical indirect tactics in the months ahead. Gulf oil infrastr...