Oil Prices Fluctuate Over Fears Of Western Air Strikes Against Syria
Commodity Alert: Oil Prices Fluctuate Over Fears Of Western Air Strikes Against Syria
Oil prices fluctuated between mild gains and losses morning in Asia amid rising Middle East tensions and the possibility of air strikes on Syria in the next 72 hours. Europe’s air traffic control agency Euro control said air-to-ground and/or cruise missiles could be used within the next 72 hours. The U.S. and its allies are considering a strike against Syrian President Bashar al-Assad’s forces following a suspected poison gas attack last weekend. Although Syria is not a key oil producer, the wider Middle East is the world’s most important crude exporter and tension in the region tends to disrupt oil markets. Oil prices remain supported by easing concerns over a prolonged trade dispute between the U.S. and China after China’s President Xi Jinping gave a speech on Tuesday with a conciliatory tone.