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Home BUSINESSFears of military attack on Syria pushes up price oil
Thu, 29 Aug, 2013 12:00:57 AM
FTimes News Desk, August 29

The prospect of a military strike by the western countries against Syria has raised the price of oil in the international market, news agency STT reported quoting AFP and Reuters. 

U.S. crude oil prices on Tuesday went up to 112 dollars a barrel, which is highest in two and a half years. The European market reference shows the price of Brent oil rose above 117 dollars per barrel, which is the highest price in six months.

Analysts said military action against President Bashar al-Assad's regime could increase tensions in the Middle East oil-producing areas which produce a third of the world's total oil. Area is already suffering from, among other things, the Egyptian political crisis and violence in Iraq. 

Principal Analyst Ric Spooner CMC Markets estimates that if the situation worsens, Brent price may rise up to 119-126 dollars per barrel.

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