The new year had barely started when markets were hit by news that the United States had killed top Iranian general Qasem Soleimani in the Iraqi capital of Baghdad, escalating tensions in the Middle East. The oil market responded immediately, with West Texas Intermediate futures jumping almost four percent before retreating slightly in the days that followed. Base oil producers kept an anxious eye on crude oil and feedstock prices, as the rising numbers exerted upward pressure on base stock values and further compressed already squeezed margins.
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