As tensions between the United States and Iran escalated, oil prices jumped to more than $70 a barrel. The immediate rise in prices was among the biggest jumps since the attack on Aramco oil utilities some months ago.

The attack on Friday, 3 January 2020 did not target oil facilities, but it targeted Qassem Soleimani, the commander of the Iranian Revolutionary Guard, and raised fears of the possibility of a protracted conflict in the region, which could include strategic attacks on oil fields. There are widespread fears that any action taken by Tehran could affect important oil supplies and push prices up. The New York Times says Iran may target vital facilities in Iraq and Saudi Arabia.

Earlier, oil prices rose by more than 14% in September after attacks on energy production facilities in Saudi Arabia disrupted 5% of daily global oil supplies, but prices declined quickly after Saudi officials confirmed that the kingdom would rely on reserves to maintain on stable exports, it took only 11 days for Saudi Arabia to restore production, according to the International Energy Agency.

There are fears of repeated attacks on oil tankers that pass near the Iranian coast or the Strait of Hormuz, which is a strategic strait through which about 30% of the crude oil transported by sea in the world passes, and this may push oil prices to rise for a long time, Which could cause a real danger.