The crude markets made another surge higher following a step-up in geopolitical risk. “Israel called up Israel Defense Forces Aerial Defense Array reservists April 3 and the IDF canceled leave for all combat units as the country braced for potential Iranian retaliatory attacks following Israeli strikes April 1 on the Iranian Consulate in Damascus, Syria. That attack killed dozens of Islamic Revolutionary Guard Corps officials, including senior Gen. Mohammed Reza Zahedi, a top leader in the IRGC Quds Force, which is responsible for overseas operations. Israeli civilians also reported possible signs of GPS jamming in central Israel designed to confuse enemy guidance systems.” Iran will likely send some sort of message following the attack on their embassy. After the U.S. killed Soleimani, Iran responded by firing missiles at a U.S. base causing minimal damage and bodily harm. After the U.S. strike, crude prices spiked almost $10, but once Iran responded- prices proceeded to fall almost $12.
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