Brent oil futures open Tuesday’s trading session firm at $118 a barrel and European oil prices may well go higher after a Syrian oil pipeline which runs from the Rumeila fields in the eastern Syriac Desert to the Homs refinery, one of two in the country exploded after being bombed.
Latest Brent Oil Price
In London, Brent crude oil futures for April 2012 delivery was trading at $118.20 a barrel, 08.34 GMT today on the ICE Futures Exchange. The March Brent oil contract expired yesterday.
Syria Oil Pipeline Blast
State media blamed “armed terrorists”, but one activist group said government fighter jets had blown up the pipeline. Activists also said security forces had begun shelling the nearby city of Hama.
The blast sent up columns of black smoke over the central city, in what Abdullah said was the third such attack on the same pipeline, although this was the first time it was targeted from the air.
A video by Homs activists broadcast on social networking sites showed thick black smoke billowing from what appeared to be a residential area.
Several people had been injured by rocket and mortar fire in the districts of Arbain, Amiriya, Faraiya, Elilat, Bashura and Bab Qibli, and all telecommunications had been cut, they added.
Homs is home to one of Syria’s two oil refineries. It has also been one of the cities hardest hit by President Bashar Assad’s crackdown on the popular uprising that began in March.
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Brent oil trading firm at $118, Syrian oil pipeline explosion may boost prices
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