Crude prices surge after US strike on Assad airbase in Syria

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing (Reuters Photo)07/04/2017 (Sabah – Turkey): Oil prices rallied on Friday after the United States launched a missile strike against Syria, sparking fears that an escalation of the conflict in the crude-rich Middle East could disrupt supplies. Both main contracts jumped more than two percent to their highest levels in a month after U.S. President Donald Trump ordered an assault in retaliation for a chemical attack in Syria that Washington blamed on Assad regime. However, the gains were pared through the day and by 0745 GMT the US benchmark West Texas Intermediate was up 78 cents at $52.48 a barrel while Brent crude was up 76 cents at $55.60. “The situation remains fluid in Syria at the moment as the implications of the massive cruise missile strike from the United States gets digested,” said OANDA senior market analyst Jeffrey Halley in a note…

https://www.dailysabah.com/energy/2017/04/07/crude-prices-surge-after-us-strike-on-assad-airbase-in-syria

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