Turkey-Syria Tensions Raise Oil Prices, Spark Worry Of War In Middle East

Tensions between Turkey and Syria have raised crude oil prices, and also caused international leaders to worry that a way may break out between the two countries.

Turkey intercepted a Syrian plane on Wednesday, which was en route from Moscow to Damascus, causing tensions to rise between the two Middle Eastern nations, reports Voice of America.

While Turkish officials claimed that the plane was carrying military equipment and ammunition for Syria’s government from Russia, however Syrian officials deny the plane had any military cargo on it.

International peace envoy Lakhdar Brahimi arrived in Istanbul on Saturday to talk about the growing tensions between the two countries, one of whom is already locked in a civil conflict that has killed tens of thousands of citizens.

Yahoo! News notes that the price of oil is now over $92 a barrel after growing tensions between Turkey and Syria caused fear over the future of crude oil supplies in the Middle East.

Ric Spooner, the chief market analyst at CMC Markets in Sydney, Australia, stated that escalating tensions between the two countries, who are former allies, are “one of the things that are keeping oil prices somewhat firm to stronger.”

Observers of the Syrian civil war are also worried that the conflict could spill over the country’s borders and grow into a wider regional conflict that could threaten the oil supplies from Middle East producers.

News.com.au adds that Turkey’s allies have also warned of the risks involved in the Syrian conflict between the country and its neighbors. Turkey and Syria have exchanged cross-border fire, another catalyst to rising tensions between the Middle Eastern nations.