The US launched its first direct attack on Syria on Friday, causing financial global financial markets to fall and the price of oil to rise.
The price of oil hit its highest level in a month as investors reacted to the US’s move, with the price of Brent crude rising above $56 a barrel before easing slightly. Brent Crude is currently up 1.42 percent at $55.67, with WTI Crude up 1.62 percent to 52.54.
Whilst Syria itself is not a huge producer of oil, its location in the Middle East and alliances with oil-producing countries has caused investors to fear disruption in crude shipments.
Markets globally fell on the news of the air strike, with the Hang Seng down 0.03 percent, the CAC40 down 0.32 percent and the FTSE 100 falling at market open. The FTSE has since recovered, currnetly trading up 0.11 percent at 7,311.00 (1057GMT).
The US military launched a cruise missile attack on a Syrian airfield in response to Bashar al-Assad regime’s use of chemical weapons earlier this week, marking the first direct conflict between the two countries.
Both Iran and Russia have publicly condemned the US’s actions, with the Russian foreign ministry calling it “aggression against a sovereign state in violation of international law” and suspending a deal with the US to exchange information about their flights to avoid incidents in the crowded skies over Syria.