Oil prices hit a one-month high on Friday after the United States fired missiles at a Syrian government airbase, sending shockwaves through global markets and raising concerns that the conflict could spread in the oil-rich region.
The toughest U.S. action yet in Syria"s six-year-old civil war has ramped up geopolitical uncertainty in the Middle East. Oil, gold, foreign exchange, German and U.S. 10-year bonds reacted strongly to the attack. [MKTS/GLOB]
Brent crude futures LCOc1 were up 68 cents at $55.57 a barrel at 1012 GMT after reaching an intraday peak of $56.08, the highest since March 7, shortly after the missile strike was announced.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 70 cents at $52.40 a barrel, having reached an intraday high of $52.94.
"Oil markets are back in bullish mode after the setback of the previous weeks. This news flow seems to bring geopolitical risks back on the radar," said Frank Klumpp, oil analyst at Stuttgart, Germany-based Landesbank Baden-Wuerttemberg.
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