Oil prices hit high after USA missile strike in Syria

Oil prices leap after U.S. missile strike on Syria

Gwen Sung CNNMoney via CNN

Assets considered safest during periods of geopolitical uncertainty, including gold and Japan's yen also rose.

Russian officials, however, said U.S.

The Australian market slipped into negative territory, after advancing earlier following the modest gains overnight on Wall Street and higher crude oil prices.

Brent, the benchmark grade for more than half the world's crude, gained as much as 2.2 percent to $56.08 a barrel on the London-based ICE Futures Europe exchange on Friday. The broader All Ordinaries Index is down 12.47 points or 0.21 percent to 5,885.10.

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing, Oklahoma, March 24, 2016. Woodside Petroleum is advancing nearly 1 percent and Oil Search is adding 0.4 percent, while Santos is unchanged.

On the downside, the Russian rouble fell by around 1% against the United States dollar, while the Turkish lira, which has frequently reacted to tensions in its southern neighbour, was down by 0.3% against the greenback.

President Donald Trump claimed a suspected chemical weapons attack on a rebel-held Syrian town earlier this week was launched from the airbase that was struck.

But Japan's Nikkei reversed course to close up 0.4 percent, narrowing losses for the week to 1.3 percent. Prices are up 3.1 percent this week. For the week, Brent was up 4.4 percent.

Gas prices in the Omaha area and across the nation are rising due to several factors, but mainly because of the increasing price of a barrel of crude oil. "There's been a flight to quality in other markets; the dollar's up and so is gold".

"Crude may continue to trade higher on supply worries", Kotak Commodities said in a report. Diesel futures rose 1.55 cents, or 0.96%, to $1.6284 a gallon.

"It was a knee-jerk reaction because markets are starting to come back a little, as it doesn't seem like there will be further retaliation coming", said Christoffer Moltke-Leth, head of institutional client trading at Saxo Capital Markets in Singapore.

Prices were supported by underlying optimism surrounding global demand for oil which would help soak-up bloated inventories.

The West Texas Intermediate for May Delivery added 0.40 USA dollars to settle at 52.10 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.35 dollars to close at 55.24 dollars a barrel on the London ICE Futures Exchange. The global benchmark crude traded at a $2.66 premium to June WTI.

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