Nomura says attack on Syria would underpin oil prices

A one-time warning shot against Syria in retaliation for suspected chemical weapons attacks would keep upward pressure on oil prices, according to Alastair Newton, senior political analyst at Nomura who says that’s the most-likely option.

They see Brent moving toward $120/barrel from $110 currently.

I’m skeptical. Oil jumped at the open today on Syria worries but has steadily fallen and is now in negative territory on the day. A weaker global economy overshadows geopolitical risks.

Update: Russia is warning Western countries to stay out of Syria.