• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 1 hour Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 4 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 2 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 10 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 2 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 5 hours The Plastics Problem
  • 6 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 8 hours Cherry Picking Climate Data
  • 59 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 11 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 4 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 6 hours Coal Boom in Asia is Real and a Long Trend
Alt Text

Have Canadian Oil Prices Hit The Sweet Spot?

Canadian oil prices have recovered…

Alt Text

Oil Holds Steady Amid Small Rig Count Decline

Oil prices held steady on…

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