Oil Price Rise on Back Of Syria Concerns

Tuesday, August 27, 2013

The possibility of Western military action against the Syrian government pushed oil prices to a six-month high and sent equities worldwide substantially lower, reports Reuters.

Both Brent and U.S. crude gained upward of $3 a barrel as fears mounted that Western intervention could further destabilize the Middle East, which pumps a third of the world's oil.

Citing Western sources who attended a meeting in Istanbul between envoys of an alliance opposed to Syrian President Bashar al-Assad and the Syrian National Coalition, Reuters add that action to deter further use of chemical weapons by the Assad regime could come as early as in the next few days.

Source: Reuters

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