[Gulf News] Oil jumped as the US cruise missile attack against Syria roiled global financial markets.
Futures in New York and London surged more than 2 percent, hitting the highest in a month. The strike early Friday targeted hangars, planes and fuel tanks at one Syrian military airfield, a U.S. official said. Syria borders Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries. The news rippled across financial markets, with the yen and gold rising as stocks fell.
"Syria is not a big oil producer but it does potentially increase the risk of escalation in the whole region," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
"We're seeing a risk response to the airstrike. Given rising supply, the size of inventories and the extent of the pick up in shale output, it does seem likely that price gains will be capped," Spooner said. |