The execution of a prominent Shiite leader by Saudi Arabian authorities has led to an increase in crude oil prices.
Benchmark U.S. WTI light sweet crude was up 1.9 percent at $37.76 a barrel early afternoon in Asia, after jumping as much as 3.4 percent from the last day of trade in 2015, while Brent crude was up 2.3 percent at $38.12 a barrel after spiking 2.4 percent over the same period, CNBC reports.
The increase in tension in the middle east was triggered by the execution of Sheikh Nimr al-Nimr. Protesters in Tehran ransacked the Saudi Arabian embassy after the killing which led to Saudi Arabia cutting off all diplomatic ties with Iran.