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Jim Cramer: How Investors Should Approach The Market Following The U.S.-Iran Tensions

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Late Thursday, news broke that a U.S. military strike killed General Qassem Soleimani, the head of Iran's Quds Force, at Baghdad's airport.

"At the direction of the president, the U.S. military has taken decisive defensive action to protect U.S. personnel abroad by killing Qassem Soleimani," the Pentagon said in a statement, adding the general was "actively developing plans to attack American diplomats and service members in Iraq and throughout the region."

The strike followed an attack on the U.S. embassy in Baghdad by suspected Iranian militants earlier this week.

Iran's supreme leader, Ayatollah Ali Khamenei, vowed to seek revenge on American targets with the help of allies around the Muslim world, sparking concerns for potential supply disruptions and reprisal attacks on tankers and facilities in the Gulf region.

After the news broke of the strike, crude spiked.

"Oil has been gaining steadily for most of the past three months, with U.S. crude prices capping the whole of 2019 with a 35% gain -- the best in three years -- amid improving U.S.-China trade prospects, a carefully brokered agreement on production cuts between OPEC cartel members and key allies such as Russia, and ongoing military and political tensions in the Gulf region," noted TheStreet's Martin Baccardax. 

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