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Oil prices surge as U.S. launches missile attack on Syria

• Apr 6, 2017 at 10:55 PM

Oil prices were trading sharply higher after the United States launched a missile attack on Syria on Thursday night.

Oil rose in usually quiet after-hours trade by a dollar per barrel to $52.70 after news spread of roughly 50 Tomahawk missiles being launched from two U.S. warships in the Mediterranean Sea.

"As we've seen in the past, oil prices hate turmoil,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Tonight's surge in prices comes as questions remain about military action in Syria moving future. Geopolitical tensions have surged tonight between some of the world's largest oil producers, and the market, with concern abounding, will likely send oil prices higher. It is too early to know how severe or how long the impact to oil prices may be."

"The missile strike in Syria this evening brings forth risk and uncertainty on a global scale,” said Dan McTeague, senior Canadian petroleum analyst. “Oil's rise this evening is based on geopolitical circumstance and as a benchmark commodity and hedge. It is likely its value will rise in proportion to developments.”

"While there is not yet an imminent major impact to North American gasoline prices, the situation could rapidly change, we're monitoring it and will keep consumers informed," DeHaan added.

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