Oil prices rise above US$117 a barrel on possible Syria strike
REUTERS - Oil rose more than US$2 a barrel on Wednesday, with Brent pushing above US$117 (S$150.2)and the United States benchmark soaring to its highest in over two years, amid worries a possible military strike by Western powers against Syria could hit Middle Eastern crude supply.
The United States and its allies have told the Syrian opposition to expect military action soon against President Bashar al-Assad's forces, which were blamed for last week's chemical weapons attacks.
"Assuming they take action, it's likely for the risk premium to be built in for quite a while," Mr Ric Spooner, chief market analyst at CMC Markets in Sydney, said, referring to oil prices.
Brent had jumped to a 6-month high of US$117.23 a barrel by 0345 GMT, while US crude hit an intraday high of US$111.75 - its loftiest since May 2011.