Oil prices jump after Trump launches military strike on Syria

Published April 7th, 2017 - 07:45 GMT
The price of oil has hit its highest level for a month in response to the US missile attack on a military base in western Syria: Agencies. (AFP/File)
The price of oil has hit its highest level for a month in response to the US missile attack on a military base in western Syria: Agencies. (AFP/File)

Crude prices jumped in the hours after US President Donald Trump launched military air strikes early Friday on Syria in response to a chemical attack by the Syrian government earlier this week.

Reuters reported that the Dow, the S&P and Nasdaq futures each declined around 0.3 percent after the US fired 59 Tomahawk missiles at a Syrian military airbase.

Reuters said that crude prices jumped more than 2 percent, its highest level for a month. 

At 2:30 GMT, West Texas Intermediate traded up 1.7 percent to $52.92, while Brent crude registered a 1.6 percent increase at $56.06, according to Reuters.

Analysts noted that the market impact of the US attacks was likely to be short-lived, since Trump had described it as a "one-off". All we can do is wait and see. 

 

 

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