Oil prices spiked by seven dollars to cross US$110, on news of a possible US military attack against Syria, amid reports of a suspected chemical weapons attack in the country. Additionally, Egypt has been gripped by violent unrest. Egypt controls the Suez Canal and the Suez-Mediterranean Pipeline, that shipped a combined 4.51 mln bpd of crude and refined products between the Red Sea and the Mediterranean during 2012. Oil prices have spiked on concerns that the tensions in the Middle East could result in supply disruptions and impact oil exports.
05-Sep-13 
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