Qatar Emir, Sheikh Tamim bin Hamad al-Thani, spoke with Iraqi prime minister to discuss efforts to reduce tension to maintain the security and stability of Iraq and the entire region – Qatar’s Amiri Diwan said in a statement.

They discussed the developments of events on the Iraqi scene and the efforts made to reduce tension to maintain the security and stability of Iraq and the entire region, the statement said.

The phone call came after the killing of a top Iranian military commander, Qassem Soleimani, that has sparked a major escalation of regional tensions.

Markets implications

There is growing speculation, and outright hope, that the situation will not escalate beyond, perhaps, some form of proxy retaliation from Iran for which the US will be less likely to respond with 'disproportionate' measures. Therefore, the case for lower oil prices is on the cards.

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