Oil Prices Soar after U.S. Launches Missile Strike in Syria
Oil prices surged more than 2 percent to a one-month
Washington - QNA
Oil prices surged more than 2 percent to a one-month high on Friday after the United States launched dozens of cruise missiles at an airbase in Syria, later dropping back as there seemed no immediate threat to supplies.
International benchmark Brent crude futures LCOc1 jumped to $56.08 per barrel before easing to $55.71 per barrel at 0519 GMT, still up 1.5 percent from its last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 also climbed by more than 2 percent, to a high of $52.94 a barrel before receding to $52.56, up 1.7 percent.
Both benchmarks hit their highest levels since early March.
"Geopolitics are often big drivers in oil markets," said Greg McKenna, chief market strategist at AxiTrader told CNN.
The U.S cruise missile strikes have seen crude oil jump over two percent in a straight line," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
Source: QNA
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