• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours In a Nutshell...
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 1 day Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 4 hours Is the oil & gas industry on the way out?
  • 2 days The Coal Industry May Never Recover From The Pandemic
  • 2 days A Real Reality Check on "Green Hydrogen"
  • 3 days Why Oil could hit $100
  • 1 day Where is Alberta, Canada headed?
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days Why Wind is pitiful for most regions on earth
Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

Second Covid Wave Could Send Oil Prices Into “Tailspin”

Second Covid Wave Could Send Oil Prices Into “Tailspin”

Oil prices face significant downside…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Jumps To One-Month High After U.S. Missile Strike In Syria

International oil prices spiked to a one-month high after President Trump ordered missile strikes against Syrian military infrastructure in response to a chemical weapons attack for which security sources held responsible the Bashar Assad government.

The strikes hit a military airport and related targets, killing six. The strikes comes just a week after U.S. ambassador to the UN said that removing Assad from power was no longer a priority for the U.S.

The Syrian side has denied responsibility for the attack, calling the air strikes “an aggression”. Assad’s main allies in the region, Russia and Iran, have also condemned the move, with Russia’s President Putin saying that it violated international laws and would worsen relations between the U.S. and Russia.

The Western world has welcomed the direct U.S. involvement, as have Saudi Arabia, Turkey, and Israel.

All markets reacted immediately to the strikes, with crude oil the obvious big winner: WTI jumped over $52 a barrel, and Brent passed the $55 mark.

Although Syria itself is not a major oil producer, especially in the last few years while the civil war has been raging, it neighbors Iraq; any increase in tension within Syria is likely to reverberate across the Middle East and beyond, especially now that the latest events have put the U.S. and Russia at odds. Related: Obliterating ISIS May Hamper Iraqi Oil Production

The chemical weapons were released after an airstrike by the Syrian army over rebel-held Khan Sheikhoun, in the province of Idlib. Examination of some of the victims in Turkey has suggested that they were exposed to sarin, a neurotoxin that the Assad government has a history with. The Syrian government claims that the weapons were released accidentally when its air strikes hit a storage facility of the rebels.

The situation in Syria is becoming increasingly complicated, which is bound to continue to reflect on oil prices, most likely keeping them higher for longer, until the main actors in the play mull over their next moves.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News