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Oil Prices in New York, London Spike After Syria Attack: Chart

Oil prices shot up after the U.S. launched a cruise missile attack against Syria. West Texas Intermediate climbed as much as 2.4 percent to a one-month high of $52.94 a barrel in New York, with Brent crude up 2.2 percent in London. The price spike from potential short-squeezes due to geopolitical risks may prove temporary as long as the military action is well-contained, as Syria is no longer a significant oil producer, according to Nomura Holdings Inc.