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Strikes have been carried out against two targets linked to Iran in Baghdad on Thursday, US officials told Reuters earlier.

The officials, speaking on the condition of anonymity, declined to give any further details, however, in more recent trade, Iraqi State TV tonight is reporting that Qassim Soleimani, leader of Iran’s Quds Force, the elite unit of the Revolutionary Guards, was killed in US airstrike near Baghdad.

Market implications

If confirmed, this could be one of the most seismic events in the Middle East in years, which has brought a threat of reprisal and should be a supporting factor for the price of oil. WTI has spiked to a session high of $61.72 on the news from a low of $61.10.