Oil pushes higher as U.S. strikes in Syria raise mideast tensions
BNN Bloomberg
Oil advanced as the U.S. conducted strikes on two Iran-linked facilities in Syria, reanimating investor concerns that the Israel-Hamas war may spark a wider conflict and disrupt crude supplies.
Global benchmark Brent rose above US$90 a barrel to pare a weekly loss. The US carried out the strikes in response to attacks on American troops, after the Pentagon had announced the deployment of extra military personnel to the region. Iran, meanwhile, held army drills and said the US won't be unaffected if the conflict widens.
Oil has been roiled since the Oct. 7 Hamas attack on Israel, initially surging on fears of a wider conflict but then paring those gains as the war remained contained and concerns surfaced about the scope for weaker physical demand. The US strikes, believed to be the first offensive action by Washington since Oct. 7, and indications that Israel will launch a ground invasion of the Gaza Strip will keep tensions high in a region that accounts for about a third of global crude supply.
