WTI Crude Rises to Nine-Month High on Syrian Conflict

West Texas Intermediate crude climbed to a nine-month high as the Syrian conflict bolstered concern that the flow of supplies from the Middle East may be disrupted and on signs that economic growth is accelerating.

Futures advanced 0.7 percent to the highest settlement since Sept. 14. Russian President Vladimir Putin agreed to sign a statement at the Group of Eight summit calling for the establishment of a “transitional government” in Syria. Reports showed that permits to build single-family homes in the U.S. rose to a five-year high in May. WTI’s discount to Brent oil traded in London shrank to the narrowest level since 2011.