Crude prices surged on the back of a U.S........>

OIL: Crude prices surged on the back of a U.S. strike on a handful of

Iranian-linked personnel in Iraq, including Qasem Soleimani, an Iranian Major

general in the Islamic Revolutionary Guard Corps & commander of its Quds Force,

who died at the scene. The IRGC has vowed "vigorous revenge" against the attack.

The move took its time to fully filter through into markets, but accelerated

after Soleimani was identified as the target, and confirmed as dead. The move

seems to be a response to the goings on surrounding the U.S. Embassy in Baghdad,

Iraq, earlier this week, and was seemingly "teed up" by US. Sec of Defence Esper

on Thursday.

- WTI & Brent trade ~$1.60 and ~$1.90 above their respective settlement levels,

but have retraced from session highs, after adding nearly $3 apiece at one

point, before the move ran out of steam.

- The question now is, what next?

- DoE oil inventory data and the latest weekly Baker Hughes rig count are due

later today.