- Oil prices leap after U.S. missile strike on Syria
- Though Syria is not a major oil producer, the country’s proximity to the Strait of Hormuz will affect price of oil globally
- NAIJ reports that US attacked a government-controlled airbase in Syria in retaliation for a chemical weapon attack that killed scores of civilians in a Syria
Following US attack on a government-controlled airbase in Syria in retaliation for a chemical weapon attack that killed scores of civilians in a Syria rebel-held town, prices of world oil jumped up by 2 percent.
According to Reuters, “Brent crude futures LCOc1 jumped to $56.08 per barrel, in what traders called automatic reaction, before easing to $55.62 per barrel at 0704 GMT, still up 1.3 percent from their last close.
“U.S. West Texas Intermediate (WTI) crude futures CLc1 also climbed by more than 2 percent, to a high of $52.94 a barrel, before receding to $52.46, up 1.45 percent.
NAIJ.com learnt that though Syria is not a major oil producer, the country’s proximity to the Strait of Hormuz - a critical point through which millions of barrels of oil are shipped each day will affect price of oil globally.
One of the countries likely to benefit from the attack on Syria by America is Nigeria who is currently in recession partly as a result of the global drop in oil prices.
Analysts believe that with the uncertainty and tension in the middle east, oil price will rise because buyers will have limited supply of oil from which to buy from and this is expected to immensely be of benefit to Nigeria.
NAIJ.com reports that Nigeria is one of the top oil producing countries in Africa.
Meanwhile, in the video below by NAIJ.com, Emir of Kano, Muhammadu Sanusi II blasts Nigeria's leaders over poverty.
Watch the video: