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Oil Prices Rise After US Strike Kills Senior Iranian Military Leader Qassem Suleimani

Oil prices rise after US strike kills senior Iranian military leader Qassem Suleimani. ONGC awarded all seven oil and gas blocks in latest OALP auction.

 

OIL

Oil prices rise after US strike kills senior Iranian military leader Qassem Suleimani. ONGC awarded all seven oil and gas blocks in latest OALP auction.

 

High Alert: Oil rose sharply today on the news that the US had carried out an air strike in Iraq that killed senior Iranian military leader Qassem Suleimani.

 

Following reports of the strike in the media, Brent crude rallied about 4%, the S&P 500 stock futures fell more than 0.6%, and major stock benchmarks in Asia climbed down. Meanwhile, gold, Bitcoin and the Japanese Yen (which tends to rally when investors are seeking safety) rose. WSJ

 

Seven Blocks Richer: All seven oil and gas blocks that were on offer in the fourth round of Open Acreage Licensing Policy (OALP) were awarded by the government to Oil and Natural Gas Corporation (ONGC) on Thursday. 

 

Of the seven blocks, five are located in Madhya Pradesh and one block each in Rajasthan and West Bengal.

 

The current round added 18,510 square kilometre to India's total exploitation area. The fifth round will involve another 20,000 square kilometre. Read more details here.

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