Oil futures closed almost 3% higher on Tuesday, ending above $109 a barrel for the first time since late February 2012 as tensions over Syria worsened.
October crude jumped $3.09, or 2.9%, to settle at $109.01 a barrel on the New York Mercantile Exchange.
Traders are concerned that any military action against Syrian President Bashar al-Assad’s regime might spill over into more significant oil-producing countries in the region, such as Iraq, the second-largest oil producer within the Organization of the Petroleum Exporting Countries.
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