Economy and Finance
Middle East Conflict Pushes Oil To 9 Month High
“One way or another, the Syrian conflict is escalating. It is not only morphing into a US-Russia proxy war but also into a US-Iran proxy war and nobody knows how this will terminate,” says energy analyst Olivier Jakob of Petromatrix.
Continuing conflict in the Middle East has pushed oil prices to their highest in 9 months. The prices reached their highest level since September 2012 on the news that President Obama is to arm Syrian rebels due to the use of chemical weapons by the Assad regime.
Syria is not a big oil producer but with Russia and Iran against the intervention there is the potential for the conflict to spread to the wider Middle East which could affect the supply.
Olivier Jakob of Petromix said:
“One way or another, the Syrian conflict is escalating. It is not only morphing into a US-Russia proxy war but also into a US-Iran proxy war and nobody knows how this will terminate,” (source)
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