Armed Drone Shot Down Over Air Base Housing U.S. Forces In Northern Iraq
Portfolio Pulse from Benzinga Newsdesk
An armed drone was shot down over an air base in Northern Iraq that houses U.S. forces. The incident highlights ongoing security concerns in the region, which could potentially affect oil prices and market stability due to the geopolitical tensions.
January 10, 2024 | 6:30 pm
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The United States Oil Fund (USO) could experience volatility in the short term due to heightened geopolitical tensions in the Middle East following the downing of an armed drone over an air base in Northern Iraq housing U.S. forces.
The downing of the drone may escalate tensions in the region, which historically leads to concerns over oil supply disruptions. As USO tracks the price of oil, any perceived threat to oil supply can lead to increased oil prices, thus potentially benefiting USO in the short term.
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