Oil prices climbed to one-month highs on Friday while investors flocked to safe-haven assets, after the US launched a missile strike on an airbase in Syria in response to recent chemical weapon attacks.
According to Reuters, US President Donald Trump said the strike was in the US's "national security interest". On the news, the price of Brent Crude spiked above $56 a barrel but has now fallen back, rising 1.42% to $55.67, while West Texan Intermediate climbed 1.61% to $52.53, both one-month highs. While Syria's oil production remains limited, its location and alliances with big oil producers have raised concerns about an escalation of the conflict disrupting crude shipments. Hedge funds unwind long oil positions at record pace Officials said the US did inform Russia about the ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
