US Airstrike on Syria Causes Oil Prices to Rise by Over 2%

Oil prices jumped  more than 2 percent on Friday after the United States launched dozens of cruise missiles at an airbase in Syria.

U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week.

After tepid trading before the news, U.S. West Texas Intermediate (WTI) crude futures also climbed by over 2 percent, to a high of $52.94 a barrel before receding to be up 1.8 percent at $52.61.

Crude Oil has hit it’s highest levels since early March.

The strikes rattled the global markets.

U.S. officials said the military had fired 59 cruise missiles against a Syrian airbase controlled by Syrian President Assad’s forces, in response to a poison gas attack on Tuesday in a rebel-held area.

For the Pakistani market, this development is expected to this rally investors who have recently stayed mum for the past few days as they wait for the outcome of the Panama Papers case against the Prime Minister and his children.