Brent oil price rises above $70 for first since May

A barrel of Brent oil is changing hands above $70 for the first time since May. 

The black gold is currently trading at $70.06, representing a 2.13% gain on the day, having risen by 3.56% on Friday. 

US-Iran tensions escalate

The US killing of a top Iranian military commander in Iraq on Friday introduced major uncertainty in the market, pushing oil prices higher. 

The tensions have escalated in the last 48 hours or so with Iran's supreme leader Ayatollah Ali Khamenei promising 'severe revenge' for Iranian general Soleimani's death.

Further, President Trump warned that the US will target 52 sites in Iran and will hit them “very fast and very hard” if the Islamic republic attacks American personnel or assets.

As per the latest reports, Tehran has announced that its nuclear program would “have no limitations” on enriching uranium. 

The spiraling tensions have prompted fears of a major conflagration in the Middle East, pushing oil to highs above $70.00. 

Technical levels