OMCs say spike in oil prices a temporary phase as US-Iran lock horns

Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani

With the escalation in tensions between the US and Iran threatening to disrupt crude oil trade, Indian oil-marketing companies feel that the phase is temporary and the spike in prices may not sustain over a long period.  

“Similar concerns were raised during the attack on Saudi Aramco facilities last year, but Saudi Arabia responded maturely and brought things back on track immediately,” M K Surana, chairman and managing director of Hindustan Petroleum Corporation (HPCL), told Business Standard.

Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem