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Oil prices up amid escalating Turkey-Syria tension

Breaking Headlines

11-10-2012 | 09:11

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Oil prices up amid escalating Turkey-Syria tension

The price of oil rose above $92 a barrel Thursday as growing tensions between Turkey and Syria caused worries about the future of Middle East crude supplies.

Brent crude, used to price international varieties of oil, rose 86 cents to $115.19 on the ICE Futures Exchange in London.

Turkish jets on Wednesday forced a Syrian passenger plane to land at Ankara airport on suspicion that it might be carrying weapons or other military equipment to support the regime of President Bashar Assad in its civil war against Syrian rebels.

Escalating tensions between the two former allies are "one of the things that are keeping oil prices somewhat firm to stronger," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

AP

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