(Sydney, Australia – 6:59 P.M.) Oil prices hit a one-month high on Friday after the United States fired cruise missiles at a Syrian government airbase, sending shock-waves through global markets, and raising concerns that the conflict could spread in the oil-rich region, Reuters reported.
Brent crude futures were up 68 cents at $55.57 a barrel at 10:12 GMT after reaching an intraday peak of $56.08, the highest since March 7, shortly after the missile strike was announced, the report continued.
“Oil markets are back in bullish mode after the setback of the previous weeks. This news flow seems to bring geopolitical risks back on the radar,” said Frank Klumpp, oil analyst at Stuttgart, Germany-based Landesbank Baden-Wuerttemberg.
However, other analysts provided a different perspective.
“This might just be a speculative move higher because there’s nothing fundamental that’s supporting this rise,” said Hamza Khan, head of commodities strategy at ING Groep NV (NYSE: ING).