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London — Oil continues to price in a risk of Iran retaliating for the killing of General Qassem Soleimani.

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S&P Global Platts Analytics estimates the risks of a broader US-Iran conflict below 50/50, but there is growing concern over the security of energy infrastructure in the Gulf and Strait of Hormuz.

"Despite anxiety throughout the region over a possibly imminent retaliation, Iran is likely to respond indirectly at a time of its choosing," said Paul Sheldon, chief geopolitical advisor at Platts Analytics.

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