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Iran is likely to retaliate strongly to the assassination of Qassem Soleimani, Iran’s most admired military figure, according to Richard Haas, President of Council on Foreign Relations (CFR). 

Key quote

“We’d better be prepared for all sorts of Iranian retaliation against US diplomatic & military personnel around the region/world given his symbolic and actual role. Just when you thought the Middle East couldn’t get worse it well might.”

The US on Friday launched an airstrike on Baghdad airport, killing Soleimani and Abu Mahdi al-Muhandis, the deputy commander of Iran-backed militias. 

The move has brought the two nations closer to direct confrontation and is weighing over the risk assets. Oil has rallied sharply and the anti-risk yen and gold are drawing bids.