Oil spikes as US strikes Syria

West Texas Intermediate crude oil trades up 1% at $US52.26 a barrel, a one-month high, after the United States launced 59 cruise missiles at military targerts controlled by Syrian President Bashar al-Assad in response to Monday’s chemical attack that killed at least 80 people. WTI hit an overnight high of $US52.94 before paring its gains.

Oil prices typically spike when there is geopolitical uncertainty.

Meanwhile, Brent crude oil, the international benchmark lags, trading higher by 0.7% at $US55.30 a barrel. The enrgy component hit a high of $US56.08 before trimming its gains.

Get the latest Oil WTI price here.

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