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Deterioration In Syria: International Oil Prices Continue To Soar To The Highest Price In Three Years
Apr 12, 2018

Deterioration in Syria: International oil prices continue to soar to the highest price in three years

Trump issued a statement that Russia must be prepared because the missiles will hit Syria. The Russian ruble fell to a new low against the US dollar since November 2016 and is now quoted at 64.58 rubles. Both crude oil and WTI crude oil rose to more than 1%, and the yen gold of the safe-haven assets rose sharply. With the heightened geopolitical risks in the Middle East, international oil prices have continued to soar to the highest price in three years.

Russian Foreign Ministry spokesperson Zakharova subsequently responded by saying that "smart missiles should be aimed at terrorists and that Trump's missile attack may destroy evidence of poisonous gas incidents in Syria.

The United States and Russia were involved in the Syrian conflict. Saudi Arabia and Iran and Iran are in tight relations. The United States may resume economic sanctions against Iran. The Middle East situation is worrying the oil market. Although Syria is not an important oil-producing country, the conflict in the surrounding areas may be triggered thereby, and the situation in the Middle East has attracted much attention from the market.