Oil prices took down after a sharp rise

Oil prices rose 1% on Wednesday, Jan.8, well below the peaks reached in active trade following Iran's missile attack on U.S. forces in Iraq which triggered conflict in the Middle East and disruptions to oil flows, Reuters reports.

"Prices gave up most of their early gains as analysts said market tension could ease as long as oil production facilities remain unaffected by attacks. Tweets by U.S. President Donald Trump and Iran’s foreign minister also appeared to signal a period of calm — for now," the message reads.

Brent futures rose by 73 cents, or by 1.1%, to USD 69 a barrel after previously rising to USD 71.75, the highest price since mid-September 2019.

West Texas Intermediate oil futures gained 53 cents or 0.9% to USD 63.23 a barrel. Earlier it reached USD 65.85, the highest level since April 2019.

The rise in oil prices, provoked by the U.S. assassination of the top Iranian general Qassem Soleimani, will drive up the prices for ethanol, and later for corn and soybeans.