Light rain

52°F

Shelton, WA

Light rain
Humidity: 89%
  • 1

Crisis in Syria Driving Up the Price of Oil

b_250_0_16777215_00_images_obgrabber_2013-08_625c380ecc.jpgComstock/Thinkstock(NEW YORK) -- Before the U.S. takes any of its presumed military action against Syria, the oil markets are already reacting, and not in a positive way for consumers. Fears that the Middle East could become destabilized and block the flow of oil sent the price of crude up to $109 a barrel Tuesday, an 18-month-high.

Prices actually began their upward movement during the past three months over fears that the Syrian conflict would spread outside its borders along with the current turmoil in Egypt, following the ouster of the country's Islamist president in early July.

A possible military strike against Syria wouldn't necessarily target its limited oil fields. However, industry analysts are worried that big oil producers Iran and Iraq could be affected, creating a shortfall of supplies that would further drive up the cost of crude and send prices at the pump in the U.S. soaring, at least temporarily.

Meanwhile, Libya, another oil supplier, has been hit lately by protesters stopping oil production in some of its fields. Political turmoil between the government and Islamic militants has also put Libya in a state of flux.

Copyright 2013 ABC News Radio

  1. Environment
  2. Recreation

Tweets

Mariners
Mariners - Nick Franklin tripled (atmlb.com/1iqXCfu) and Mike Zunino brought him home (atmlb.com/1iqXEEa) to put the #Mariners on the board.

8 minutes ago

Mariners
Mariners - Don't miss Felix at Safeco Field. King's Court tickets for 4/21 are now on sale. atmlb.com/1iqXexz pic.twitter.com/ulh7grs4C3

11 minutes ago

Mariners
Mariners - Abraham Almonte slaps one to left and Dustin Ackley comes around to score from second. Two runs coming with two outs for the #Mariners.

19 minutes ago

Seahawks
Seahawks - What's going on here? Find out tonight on @TheSoup 10/9pm on @eonline! pic.twitter.com/vu6LLPYDWv

21 minutes ago

Public Notices