WSJ:Brent Crude Hits 6-month High on Prospect of Syrian Intervention
By Ben Winkley
LONDON--Brent crude oil was trading Tuesday at its highest level in six months as the prospect of military intervention in Syria's civil war roiled the market.
Brent crude for October delivery gained more than $1.60 to hit a high of $112.38 a barrel on ICE Futures Europe, its highest mark since Feb. 28. U.S. crude-oil futures also moved higher, gaining $1.61 a barrel to hit an intraday high of $107.74 a barrel on the New York Mercantile Exchange.
"As the rhetoric ratchets up around Syria the geopolitical risk premium in the price of oil is once again widening," said Dominick Chirichella of the Energy Management Institute. The biggest risk is of contagion across the Middle East region, with oil-export infrastructure in Egypt and Turkey seen at risk, Mr. Chirichella said.
