Officials say oil prices were trading sharply higher after the United States launched a missile attack on Syria.
The United States fired a barrage of cruise missiles into Syria Thursday night in retaliation for this week's gruesome chemical weapons attack against civilians, U.S. officials said. It was the first direct American assault on the Syrian government and Donald Trump's most dramatic military order since becoming president.
According to gas price monitoring website GasBuddy.com, oil rose in usually quiet after-hours trade by a dollar per barrel to $52.70 after news spread of roughly 50 Tomahawk missiles being launched from two U.S. warships in the Mediterranean Sea.
Syrian military says the missile attack has killed six and caused extensive damage, calling it an aggression that undermines Damascus' counter terrorism operations.
"As we've seen in the past, oil prices hate turmoil. Tonight's surge in prices comes as questions remain about military action in Syria moving future. Geopolitical tensions have surged tonight between some of the world's largest oil producers, and the market, with concern abounding, will likely send oil prices higher," said Patrick DeHaan, GasBuddy senior petroleum analyst. "It is too early to know how severe or how long the impact to oil prices may be."
Officials said while there is not yet an imminent major impact to North American gas prices, the situation could rapidly change.
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