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European stocks drop and oil soars after U.S. airstrike kills top Iranian general

January 3, 2020

European stocks tumbled and oil prices soared on Friday after a top Iranian commander was killed in a U.S. airstrike at Baghdad’s airport.

The Stoxx 600 SXXP, -0.84% fell 0.7% and the DAX DAX, -1.76% dropped 1.5%, reversing yesterday’s new year rally, while Brent crude futures for March delivery BRNH20, +4.02% soared 4.1% to $68.63 and West Texas Intermediate crude for February CLG20, +3.82% jumped 4%.

The FTSE 100 UKX, -0.51%, home to oil majors BP BP, +1.73% and Shell RDSA, +1.31%, suffered smaller losses, falling 0.4%.

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