Oil on the rise on escalating Middle East tensions

31-Jan-13

New York's main contract, light sweet crude for delivery in March, inched up to US$97.9 a barrel and Brent North Sea crude for March delivery gained to US$115.1, amid escalating tensions in the Middle East. Oil prices rose in Asia after Syria accused Israel of staging an air raid on a military research centre. Analysts said the attack increased the risk that the 22 month old conflict in Syria could spill over into neighbouring states, sparking fears of supply disruption in the Middle East, the world's biggest crude supplier.