Tension in the Middle East continues to escalate following a missile attack conducted by United States military in the country of Syria.
Media outlets across the globe reported that on Friday morning, around 3:45 a.m., the U.S. launched approximately 60 Tomahawk missiles at a Syrian airbase as a form of retaliation from the Donald Trump presidential administration for chemical attacks that took place in the country this week, which the U.S. indicates was performed by the Syrian government.
“The limited missile strike launched Thursday night against the air base in Syria was an appropriate immediate response to President Assad’s use of chemical weapons against the Syrian people, including children,” U.S. Sen. Lamar Alexander (R-Tenn.) said in a statement issued to the Elizabethton Star. “Under our Constitution, the president should seek authorization from Congress for any further military action in Syria so that we can evaluate the long-term consequences of his plans and determine whether additional engagement would be in the vital national security interest of the United States.”
As uncertainty looms in the region, GasBuddy indicated that oil prices were trading sharply higher after the U.S. launched the air. During the after-hours, the company indicated that oil rose by a dollar a barrel to $52.70 after news spread of the attack.
“As we’ve seen in the past, oil prices hate turmoil. Tonight’s surge in prices comes as questions remain about military action in Syria moving future. Geopolitical tensions have surged tonight between some of the world’s largest oil producers, and the market, with concern abounding, will likely send oil prices higher,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “It is too early to know how severe or how long the impact to oil prices may be.”
Currently, the state average of gas is as followed, according to AAA:
• Regular – $2.132
• Mid-Grade – $2.397
• Premium – $2.673
• Diesel – $2.341
Besides diesel, each type of petroleum rose by a few cents in each category compared to yesterday’s average.
“The missile strike should not have a lasting impact on oil prices,” Stephanie Milani with AAA – The Auto Club, said Friday afternoon. “The market did have a ‘knee-jerk’ reaction, but it would take a larger escalation to affect oil prices in the long-term.”
Milani added that Syria is a small oil producer, accounting for roughly 0.04 percent of the world oil reserves.
“The major factors weighing on the market right now are supply and demand,” she said. “Gasoline inventories fell in the week ending March 31, according to an EIA report. Also, people are beginning to drive more as the weather improves, which is causing an uptick in demand. Additionally, many refineries have begun producing and selling summer-blend fuels which are more expensive to produce.”