Oil prices hit a six-month high, Tuesday, as speculation grows the US is considering an imminent response to the ongoing civil unrest in Syria.
The country's leader Bashar al-Assad has been accused of using chemical weapons in the war. After secretary of state John Kerry described the move as a "moral obscenity", the price of Brent crude oil rose above $113 (£72.70) a barrel in London trading, while prices in the US rocketed.
Stock markets across Europe and the US dropped as well, with investors waiting to see what action the US plans to take against al-Assad. Germany's Dax and the French Cac 40 index fell by around two percent during the afternoon session and the FTSE was 0.6 percent lower at 15:00 BST.
Although Syria is not one of the major oil producers in the Middle East, there are growing fears the instability of the country could spill over into neighbouring nations. With civil unrest also ongoing in Egypt, the price of oil could climb even higher in the coming weeks and months.
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Oil Hits 6-Month High
Published 08/27/2013, 02:48 PM
Updated 07/09/2023, 06:31 AM
Oil Hits 6-Month High
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