Brent hits 6-month high as West readies Syria strike

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<a href="http://www.shutterstock.com/pic-33742723/stock-photo-many-barrels-of-oil-on-a-white-background.html?src=4E5JmKDWXyFhy3gm4lyKlQ-1-32" target="_blank">Crude Oil</a> image via Shutterstock
Reuters
Last Updated : Aug 29 2013 | 12:45 AM IST
Brent crude surged to a six-month high on Wednesday as western countries prepared to attack Syria, raising concerns over the security of oil supplies across West Asia, which pumps a third of the world's oil.

The US and its allies are readying for air strikes against the forces of President Bashar al-Assad, blamed for poison gas attacks last week. But the timing of any action was unclear.

A prolonged outage at several Libyan oilfields also underpinned prices, with Brent gaining four per cent and the US benchmark three per cent so far this week.

Brent was at $115.83, up $1.47 at 1214 GMT after earlier reaching a six-month high of $117.34 a barrel. US crude rose $1.45 to $110.46, after hitting an intra-day peak of $112.24 - its highest since May 2011.

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First Published: Aug 29 2013 | 12:15 AM IST