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.

NOW WATCH: Congress just voted to allow your internet provider to sell your online history and data — ┬áhere’s how to protect your privacy

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.