Oil price, gold and silver are jumping after US strike on Syria

The price of oil has hit its highest level for a month in response to the US military’s missile attack on a Syrian government airbase.

The price of Brent crude surged above $56 a barrel before easing slightly.

Syria has limited oil production, but its location in the Middle East and alliances with big oil producers raised worries about a spreading conflict that could disrupt crude shipments.

European stock markets, which open shortly, are expected to show falls.

Other asset classes seen as havens in times of trouble also made gains. Gold prices were up 1.25% at $1,253.75 an ounce.

The dollar’s performance was mixed, falling slightly against the dollar, sterling and yen, but holding its value against many other currencies.

The price of gold and silver rose sharply on Friday in response to news that the US launched more than 50 Tomahawk missiles from warships stationed in the Mediterranean at a Syrian airfield.

The commodities, regarded as safe havens in times of financial or political turmoil, are up more than 1%.

The US military action followed a chemical attack that killed at least 80 people in the northwestern part of Syria on Monday.

The governor of Homs, a city roughly 160 kilometers north of the capital Damascus, said at least five people were killed and seven were wounded in the US strikes, Reuters reported.

Though the US strike targeted infrastructure and runways, a large volley of cruise missiles carries the risk of collateral damage to troops stationed nearby. Initial reports from Syrian military sources say the strikes “led to losses,” as Reuters notes.

Source: uk.businessinsider.combbc.com

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