Oil & Gas Journal: Crude prices climbed to more than 3-year highs for the week ended Apr. 13 before US-led air strikes on Syria, but oil prices dropped by more than $1/bbl in both London and New York Apr. 16.
Analysts said tensions about Syria eased after Russia—a key Syrian ally—did not retaliate.
Giovanni Staunovo, commodity analyst at UBS Wealth Management, said the oil market is in a “wait-and-see mode.”
He said oil traders and analysts also are monitoring whether US President Donald Trump moves to reimpose economic sanctions on Iran next month.
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