Crude Oil shoots up as the Dollar slightly drops lower because of the Missiles launched at Target in Syria

Crude Oil

Crude prices sky rocketed, because of the green back performing slightly weaker and the markets falling in Asia on Friday and stock futures in the U.S. turned in the negative right after the U.S. launched dozens of missiles aimed at Syria.

The missile launch occurred while the President Donald Trump hosted the Chinese President Xi Jinping in his Mar-a-Lago resort in Florida.

A U.S. military official said that there were 59 tomahawks that was fired and hit an airfield near Homs. The said missiles hit aircrafts and infrastructures like the runway.

In a statement by Trump, he said he had called for the military strike in response to a chemical attack to a rebel held hideout in northern Syria. The attack also comes after Trump has said earlier in the day that “something should happen” with Syrian President Bashar as-Assad following the attack.

The dollar index was traded 100.630, after recording a three-week high at 100.77 earlier in the morning. In the Energy sector, The Brent crude futures rose by more than 2 percent before easing to a gain around 1.48 percent at $55.70 per barrel while U.S. crude was up by 1.66 percent to $52.56.

John Kilduff, founding partner of Again Capital, stated that "Oil prices have naturally reacted to the U.S. bombings of Syria. It is their wont to rally on news like this, but they have always fallen back,"


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