Syria has limited oil production, but its location in the Middle East and alliances with big oil producers raised worries about a spreading conflict that could disrupt crude shipments.
Image copyright Getty ImagesThe price of oil has hit its highest level for a month in response to the US military’s missile attack on a Syrian government airbase.
The price of Brent crude surged above $56 a barrel before easing slightly.
Earlier in Asian markets, energy shares rose as a result of the airstrike, giving a boost to Japan’s Nikkei index, which closed up 0.36% at 18,664.
Analysts said the market impact of the attacks was likely to be short-lived, since the US had described it as a “one-off”.
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Oil price hits one-month high after US launches missile strike on Syria
The price of oil briefly rallied more than 2 per cent to its highest level in a month on Friday after the US launched a missile strike on Syria, triggering a fall in stocks and the dollar.
According to Reuters, Syria has limited oil production, but its location in the Middle East and links with big oil producers had sparked broader worries that the conflict might spread and disrupt oil shipments elsewhere.
Donald Trump ordered the firing of 59 cruise missiles at a military target in the country – a swift retaliatory blow for the President Bashar al-Assad’s alleged use of chemical weapons on civilians earlier in the week.
Elsewhere in financial markets the dollar fell around 0.5 per cent overnight and US stocks were indicated opening lower.
Later in the day, US investors will cast their attention to non-farm payroll data – a latest indication of the state of the US jobs market.
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Low oil price sends North Sea tax revenues negative for first time4 AprilBritain’s offshore oil and gas sector was a drain on the public purse for the first time ever last year as the oil price slumped, reports The Guardian.
Oil price at three-week high after US reserves data30 MarchThe oil price hit a three-week high yesterday after positive US inventory data, taking West Texas Intermediate to within 50 cents of the $50-a-barrel level last seen on 9 March.
However, others believe oil will continue to be constrained and that a sustained supply shortfall, rallying the oil price, is unlikely.
After trading below $55 and being on the wane, Brent crude, the international oil price benchmark, surged above $56 a barrel.
US oil price back above $50 – but pessimism persists31 MarchThe US oil price was back above $50 a barrel overnight for the first time in three weeks, but analysts remain unconvinced the rally has much further to run.
collected by :Jack Alex