Oil prices have rebounded as tensions in the Middle East cast fears over trade wars. The fears were triggered by an attack on a Syrian military airbase blamed on Israel following the alleged use of chemical weapons on the rebel-held town of Douma.
Besides, US is threatening sanctions on oil producer in Iran which would cause a significant drop in supply of oil.
The biggest concern moving forward is do we see the US reimplement sanctions on Iran, that’s what the market is focusing on a lot, according to ING’s Warren Patterson.
Benchmark Brent crude went up by 2.4% to $68.70 per barrel.