Oil prices rise as US carries out strikes in Syria

04:13

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Middle East

Oil prices rise as US carries out strikes in Syria

Oil prices are pushing higher after the US conducted strikes on two Iran-linked facilities in Syria. This is now fueling fears that the Israel-Hamas war may spark a broader conflict with the potential of disrupting global crude supplies. Global benchmark Brent rose above $89 a barrel to pare a weekly loss while West Texas Intermediate climbed to $85 a barrel. Goldman Sachs analysts have kept their first quarter 2024 Brent crude price forecast at $95 a barrel but have added that lower Iranian exports could cause baseline prices to rise by 5%. According to the bank, prices could jump 20% in the less likely scenario of an interruption of trade through the Strait of Hormuz where 17% of global oil production transits.