Oil Prices Hit 2-Year High on Syria Tension
Traders worried about Mideast chaos
By Newser Editors and Wire Services
Posted Aug 28, 2013 4:13 PM CDT
In this file photo, gasoline drips from a nozzle at a gas station, in Lake Oswego, Ore.   (Rick Bowmer)

(Newser) – The price of oil climbed to its highest in more than two years today as the US edged closer to taking action against Syria. Benchmark oil for October delivery rose $1.09, or 1%, to $110.10 a barrel on the New York Mercantile Exchange. That's its highest closing price since May 3, 2011. Oil has surged 27% since touching a low for the year of $86.68 on April 17. Political unrest in the Middle East and the threat of US intervention in Syria's civil war have been big factors behind the price increase. Traders are concerned that the violence could spread to more important oil-exporting countries or disrupt major oil transport routes.

Next on Newser: ObamaCare Hits New Snag

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Oil Prices Hit 2-Year High on Syria Tension is...
7%
7%
13%
11%
13%
50%
Show results without voting
You Might Like
Comments
Showing 3 of 25 comments
Fatquah
Aug 29, 2013 12:43 PM CDT
Flashback, Obama 2008: Blames Bush and Cheney for High Oil Prices, Promises Change - All American Blogger http://allamericanblogger.com/15310/flashback-obama-2008-blames-bush-and-cheney-for-high-oil-prices-promises-change/ Of course, those of us able to see through bullshit already knew Obama was a pathological liar back then.
Devo74
Aug 29, 2013 12:33 PM CDT
Every time someone farts in the middle east gas hits the roof............ DILL HERE AND PAY HERE DAMIT, we have tons of natural gas and coal and oil........ We can flood the middle east if we wanted to...
clmsman
Aug 29, 2013 9:29 AM CDT
WHY? Syria is an oil producing country! These traders use any excuse to drive the price up. Assad windshield get a crack in it and the price of oil goes up that's how ridiculous this whole thing is. We have no strategic interest in Syria and produce enough oil now that we are a net exporter in the next few years as we are with Natural Gas. This oil market thing is the same scam that the Dow is a casino with people driving process up artificially to later profit take at the expense of everyone.