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Brent Crude Prices Near 2014 Peak

Brent Crude Prices Near 2014 PeakBrent Crude Prices Near 2014 Peak

Oil held near its highest in nearly three years on Wednesday, supported by political tension in the Middle East, although evidence of rising US crude supply acted as a counterbalance.

Brent crude has gained 5.7% this week, rising to $71.34 a barrel on Tuesday, the highest since late 2014, although the price has since fallen back and was $70.98 a barrel, down 6 cents, CNBC reported.

US crude futures were at $65.55 a barrel, up 4 cents on the day.

The United States and its allies are considering airstrikes against Syrian President Bashar al-Assad’s forces following a suspected poison gas attack last weekend.

Pan-European air traffic control agency Eurocontrol said late on Tuesday that air-to-ground and/or cruise missiles could be used within the next 72 hours, warning of intermittent disruption of radio navigation equipment.

Syria is not a significant oil producer, but any sign of conflict in the region tends to trigger concern about potential disruption to crude flows across the wider Middle East, home to some of the world’s biggest producers.

 

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