U6th – Would military action in Syria increase the price of oil?

As politicians in the US and Europe ponder launching military strikes in Syria, the uncertainty in the country and the prospect of further instability in the Middle East is being reflected in the financial markets.

In recent days, the price of oil has surged to a six-month high. A barrel of Brent crude jumped 6% to $117 on Wednesday, and compares with less than $100 a barrel as recently as June.

Analysts from the bank Societe Generale suggest the price could eventually surge to $125 if air strikes are launched, and $150 a barrel if the military action disrupts production in the region.

That would be beyond the all-time high of $147 a barrel seen at the height of the financial crisis in 2008.

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