Conflict “If the probability of a U.S. military response increases, it will stir up tension in the Middle East and affect the stability of this key region.” Oil prices climbed Tuesday during European trading, supported by a renewed concern about the situation in Syria, while the United States could intervene militarily against the Syrian regime after a suspected chemical attack.
To 10:20 GMT (1:20 p.m. in Beirut), a barrel of Brent North Sea crude for October delivery was worth $ 111.81 on the Intercontinental Exchange (ICE) in London, up $ 1.08 from the previous close Monday. The price of Brent crude rose Tuesday at $ 111.92, its highest level in six months.
In electronic trading on the New York Mercantile Exchange (Nymex), a barrel of “Light, sweet crude” (WTI) for the same maturity gained 95 cents to 106.87 dollars.
“While London investors were absent Monday (due to a holiday, ed), a military intervention in Syria monopolized information flow,” commented David Hufton, analyst at PVM.
Indeed, U.S. Secretary of State John Kerry said Monday that the Syrian regime should be accountable for having “recourse to the most atrocious weapons against the most vulnerable people on the planet.”
“If the probability of a U.S. military response increases, it will stir up tension in the Middle East and affect the stability of this key oil production region, causing a rise in prices,” explained the analyst Phillip Futures .
Oil prices listed in New York also leapt at the opening Tuesday.