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

(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.

In this file photo, gasoline drips from a nozzle at a gas station, in Lake Oswego, Ore.
In this file photo, gasoline drips from a nozzle at a gas station, in Lake Oswego, Ore.   (Rick Bowmer)
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