Counter to the chemical attack that happened this week; the US had fired 59 Tomahawk cruise missiles targeting the Syrian Government’s Shayrat air base in the Mediterranean. The fluctuation has been seen in various stock markets and other commodity markets post the attack. After a long wait, crude oil prices have risen by 2% more than in the Asian trade market. There are speculations about the rise to be temporary because Syria is not among the major suppliers of Oil in the international market.
Russia and Iraq are among the biggest supporters of Syria and its President Bashar al-Assad. Russia consider this missile attack as a violation of the International laws by the US against the anger against a sovereign state. There could be indirect retaliation from these countries after the Missile attack. The retaliation could be reduction in the oil supply from the middle-east countries. Brent Crude futures increased by 68% to $55.57 and crude futures CLc1 for U.S. West Texas Intermediate (WTI) increased by 70% to $52.40.
With the rising tensions between the US and Syria and its Allies, markets have been benefitted to see a positive rise in the prices of all the products. Gold prices increased by 1% to £1,017 since the US Presidential election in November. Analyst predicts the impact on the metal market would be less compared to Gold and Forex market. Olefins and polymer markets were quiet and stagnant and didn’t increase or decrease.
Britain has been in support with the US for attacking the Syrian airbase against the chemical attack. South Africa has been held responsible for not arresting the Syrian President Bashar al-Assad by the International Criminal Court, when he attended the African Union summit in 2015. South African appeared in front of the International Criminal Court on Friday to give their defence.
Analyst predicts that the conflicts in Syrian won’t impact the upply of Oil from the Oil rich countries but might have more political impacts at the international standards. Although oil prices are not expected to rise much higher because the supply of Oil would always remain in abundance after the production of shell gas by the US. On Friday, Syria has suffered the second aerial chemical weapon attack after the Trump’s live announcement.
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