US-Iran conflict: Price rally to affect non-oil producing nations

The death of leading Iranian military figure, Major General Qasem Solemani who was killed after a United States air strike has rattled global markets with oil prices surging by four percent.
Global markets destabilised after United States President, Donald Trump ordered an attack on Major General, Qasem Solemani at Baghdad Airport in Iraq this Thursday.
International benchmark crude oil traded at $68.65 in early morning trades up more than 3.6 percent having spiked to an intra-day high of $69.16. The rally is expected to see prices reaching $80 per barrel in the next few weeks.
If oil prices rise to over $80 per barrel, non oil-producing economies like Zimbabwe are likely to be affected in terms of an increase in foreign currency spending for oil imports.
Spot gold prices reached six month highs of $1 516 per ounce, a rise of more than 1 percent.
Safe Haven currencies jumped to their highest in months, with the Japanese yen hitting a two months high of 107.92 against the dollar with another safe haven currency the Swiss franc surging to a four month high of 1.0824 to the euro.
Airlines Lufthansa and Air France KLM slid 6,7 percent and 7,5 percent while Dow futures dropped by more than three hundred points.
Soleimani acquired celebrity status at home and abroad as leader of the foreign arm of the Revolutionary Guards and for his key role in fighting in Syria and Iraq.
He spearheaded Iran’s strong presence in the Middle East and his killing has further escalated tensions between Iran and the US, with Iran promising to retaliate.