Oil prices surge over fears of more war in Syria

Oil prices surge over fears of more war in Syria
Tue Aug 27, 2013 21:32:04

Oil prices have hit a new near six-month high amid growing concerns about possible military intervention in Syria.

Brent North Sea crude for delivery in October added 32 cents to stand at USD 111.05 a barrel, the highest point since early March.

New York's main contract, West Texas Intermediate for October delivery, soared 34 cents to USD 106.26 a barrel in Tuesday afternoon trade.

Oil prices soared after US Defense Secretary Chuck Hagel said that his forces are prepared to launch strikes against the Syrian government.

"We are prepared. We have moved assets in place to be able to fulfill and comply with whatever option the president wishes to take," Hagel said. "We are ready to go, like that."

On August 21, the militants operating inside Syria and the foreign-backed Syrian opposition claimed that 1,300 people had been killed in a government chemical attack on militant strongholds in Damascus suburbs of Ain Tarma, Zamalka and Jobar.

However, the Syrian government categorically rejected the baseless claim, and announced later that the chemical attack had been actually carried out by the militants themselves as a false flag operation.

Damascus later allowed UN chemical weapons inspectors to the site of the chemical weapons attack near the Syrian capital on Monday, when they began taking samples from the victims.

Syria has been gripped by deadly unrest since 2011. The United Nations says more than 100,000 people have been killed and millions displaced since the outbreak of the violence.


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