UNITED STATES (OBSERVATORY) – Global oil prices rallied on Wednesday, lifting big gains in the previous session as markets awaited heightened tension in the Middle East after Eurocontrol warned of possible air strikes in Syria within 72 hours.
Brent crude rose $ 71.09 a barrel at 0104 GMT, up 7 percent from its last close. Brent climbed more than 3 percent on Tuesday to its highest level since late 2014, when it hit $ 71.34.
US benchmark WTI hit $ 65.63 a barrel, up 12 percent from the last settlement.
The United States and other Western powers are considering military action to punish Syrian President Bashar al-Assad for what is believed to be a poison gas attack on Saturday in the opposition city of Duma.
Eurocontrol called on airlines to be cautious in the eastern Mediterranean for the possibility of air strikes in Syria within three days, warning that wireless navigation devices could be interrupted intermittently.