Brent Crude May Spike to $150 on Syria Spillover, SocGen Says
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Brent crude may “spike briefly” to $150 a barrel if a U.S.-led attack on Syria sparks further conflict in the Middle East and leads to supply disruptions, Societe Generale SA said in a report e-mailed today.
Military action against the regime of Syrian President Bashar al-Assad is likely within the next week, Michael Wittner, the bank’s New York-based head of oil market research, said in the report. Brent, the price benchmark for more than half the world’s crude, may rise to as much as $125 a barrel “in the coming days” in anticipation or event of a strike, the bank said. A spike to $150 is possible if a widening conflict halts output in Iraq or other Mideast producers.