Oil prices pushed to highest point in three years by possible UK and US attack on Syria
Theresa May calls urgent cabinet meeting to discuss response to Douma incident
The price of oil has soared to a more than three-year high as the likelihood of the US and UK taking military action in Syria increases.
Brent crude oil surged past $72 (£51) per barrel on Thursday morning, while US benchmark West Texas Intermediate hit $67, although prices edged down mid-morning.
The oil price goes up when tensions heighten in and around the oil-rich nations of the Middle East, because it threatens supply levels. Also keeping the commodity's value elevated is the threat of an attack on Saudi Arabia by Yemen, and the continued risk that the US will re-impose sanctions on Iran over its nuclear programme.
Read more Oil prices boosted as Trump promises ‘forceful’ response in Syria Theresa May called an urgent cabinet meeting to approve Britain’s response to the escalating crisis in the Middle Eastern state, prompting concern that the UK will launch military action without the app..