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Oil surges past $112 a barrel on Syrian crisis

6:23 AM, Aug 28, 2013   |    comments
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BANGKOK -- The price of oil rose surged past $112 a barrel Wednesday, as the U.S. edged closer to intervening in Syria's civil war.

U.S. Defense Secretary Chuck Hagel said Tuesday that American forces were ready to act on any order by President Barack Obama to strike Syria in response to the alleged use of chemical weapons in the conflict.

U.S. benchmark oil for October delivery rose $3.02, or 2.8 percent, to $112.03 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. Oil prices jumped $3.09 to close at $109.01 a barrel on the Nymex on Tuesday.

The last time oil closed above $112 a barrel was on May 2, 2011. Still, oil remains far below its record close of $145.29 a barrel, reached on July 3, 2008.

Associated Press

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