Crude oil began trading this week with a fall as traders were wary of further developments in Syria after the 105 missiles strikes carried out by the US, the UK and France over the weekend.

In addition to this wariness, Baker Hughes reported on Friday the addition of seven more rigs in the US, signalling the increase in production will continue, perhaps even more steeply.

At $71.87 a barrel, brent

Thanks to fear over the US clashing with Russia in Syria crude oil prices had their best week in years, with Brent touching $72 a barrel for the first time since 2014. When it was on its way to $40.

The geopolitical factor dominating headlines this week was strong enough driver for prices that markets ignored a fresh build in US oil inventories and, more importantly, another production increase,

Crude oil prices rose to highs last seen in December, after OPEC struck its already historical deal to curb global production in a bid to prop up prices.

Brent reached $56.23 a barrel and WTI hit $53.54, after reports emerged that Saudi Arabia might be after all on board with a cut extension beyond the June 30th deadline.

So far, several OPEC members, including Angola and Kuwait, have expressed

Crude oil hit a five-week high yesterday with Brent rising to $56.07 a barrel and WTI gaining to $53.14 a barrel as Libya’s biggest field stopped production and the crisis in Syria continues.

The Sharara field was suspended for the second time in two weeks as an armed group blocked the pipeline carrying crude from it to the export terminal of Zawiya.

Crude oil benchmarks jumped immediately after the U.S. military carried out a cruise missile attack against military infrastructure in Syria.

The strike came in response to what was perceived as a chemical weapon attack by the Syrian army on civilians. The Syrian side itself claims that the blast was accidental as its plane struck a hidden stash of chemical weapons in a rebel-controlled town.

Brent