Threat Of U.S. Strike In Syria Drives Up Oil Prices

Aug 29, 2013
Originally published on August 29, 2013 6:01 pm

Crude oil prices are up about 20 percent over the past two months. On Tuesday, the price of the U.S. benchmark, West Texas Intermediate, hit $109. Events in Syria are driving the price spike. Syria doesn't produce much oil, but there is great concern that the conflict there might spill over and involve other Persian Gulf nations such as Iran and Saudi Arabia.