Possible Western action on Syria sends oil prices soaring
28 Aug 2013
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Oil prices rose to their highest levels in several months in Asian trades this morning amid fears of Western military action against Syria for the Assad regime's alleged use of chemical weapons on rebels last week.
Analysts say a military strike targeting President Bashar al-Assad's regime could further ratchet up tensions in West Asia, already wracked by the festering political crisis in Egypt – which, though not a major oil producer, controls the vital Suez Canal.
New York's benchmark West Texas Intermediate for delivery in October was up $1.26 to $110.27 a barrel, after reaching its highest level in 18 months in US trade yesterday.
Brent North Sea crude for October added $1.54 to $115.90, after hitting its highest price in six months the day before.
Analysts say a military strike targeting President Bashar al-Assad's regime could further ratchet up tensions in West Asia, already wracked by the festering political crisis in Egypt – which, though not a major oil producer, controls the vital Suez Canal.
New York's benchmark West Texas Intermediate for delivery in October was up $1.26 to $110.27 a barrel, after reaching its highest level in 18 months in US trade yesterday.
Brent North Sea crude for October added $1.54 to $115.90, after hitting its highest price in six months the day before.
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