Oil prices pushed higher on Monday in the wake of Bashar al-Assad’s ousting as Syrian president over the weekend.
Benchmark Brent crude climbed 1.1% to US$71.93 a barrel in the morning as eyes were fixed on the Middle East and another wave of uncertainty.
A swift offensive culminated in Syrian rebels announcing on Sunday that they had overthrown Bashar al-Assad’s regime, ending a 50-year family dynasty.
“With everyone awaiting clarity over who and how the country will be run, we have seen a great degree of uncertainty as this pivotal region falls into new hands,” Scope Markets analyst Joshua Mahony commented.
“Crucially, the strategic geographical importance of the country means that we could see significant knock-on implications for the Iranian transport of weapons to Hezbollah, and Russian military presence in the region.
“Everyone will be watching closely for signs over whether this development will improve or worsen the ongoing conflicts in the region.”
Also buoying oil was commentary coming from China over fresh stimulus measures to boost its flagging economy next year.