Global crude oil prices hit a one-month high today, after the US fired missiles at a military base in Syria, raising concerns that the conflict could spread in the oil-rich region.
Brent crude oil futures rose 68 cents, to 55.57 dollars a barrel, after reaching an intra-day peak of 56.08 dollars a barrel, the highest since 7th of March. U.S. crude rose 70 cents, to 52.40 dollars a barrel. Although Syria has limited oil production, its location and alliances with big oil producers in the region mean any escalation of the conflict has the potential to increase supply-side fears.
Oil markets remain oversupplied, even with efforts led by OPEC to cut supplies. Russia today said it is too early to say whether a deal can be extended into the second half of the year.
