|

US strikes in Iraq, Syria target Iranian-backed Shi'ite Muslim militia group – Reuters

In recent news, and reported by, "the US military has carried out “defensive strikes” in Iraq and Syria against the Kataib Hezbollah militia group, the US Pentagon said on Sunday, two days after a US civilian contractor was killed in a rocket attack on an Iraqi military base.

Lead paragraphs

The US military has carried out “defensive strikes” in Iraq and Syria against the Kataib Hezbollah militia group, the US Pentagon said on Sunday, two days after a US civilian contractor was killed in a rocket attack on an Iraqi military base.

The Pentagon said it targeted three locations of the Iranian-backed Shi’ite Muslim militia group in Iraq and two in Syria. The locations included weapons storage facilities and command and control locations the group had used to plan and execute attacks on coalition forces, it said.

The United States had accused the group of the 30-plus rocket attack on Friday that killed the U.S. civilian contractor and injured four U.S. service members and two members of the Iraqi Security Forces near the oil-rich city of Kirkuk.

“In response to repeated Kata’ib Hizbollah attacks on Iraqi bases that host Operation Inherent Resolve (OIR) coalition forces, U.S. forces have conducted precision defensive strikes ... that will degrade KH’s ability to conduct future attacks against OIR coalition forces” chief Pentagon spokesman Jonathan Hoffman said in a statement.

Market implications

The Iran threat is simmering away on the back burners, but headlines like this, should they come back to the fore, oil prices, which are already elevated, could run higher.

Earlier this month, US Secretary of State Mike Pompeo blamed Iranian-backed forces for a series of attacks on bases in Iraq and warned Iran that any attacks by Tehran or proxies that harmed Americans or allies would be “answered with a decisive U.S. response.”

Oil prices are trading in WTI on the $61 handle within a steep rising channel from the depths of the $51's and October lows – more to come

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

More from Ross J Burland
Share:

Editor's Picks

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.
 

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.

XRP rises alongside peers as ETFs attract inflows

Ripple (XRP) is gaining upside momentum, trading above $1.40 at the time of writing on Wednesday. The remittance token is rising in tandem with major crypto assets, including Bitcoin (BTC), which has crossed above the pivotal $70,000 level, and Ethereum (ETH), which is holding above $2,000.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.