West Texas Intermediate crude futures settled at two-week highs while Brent crude futures hit their highest levels since 2014 as Wall Street grew increasingly concerned over possible military actions in the Middle East.
Brent crude futures rose $2.56 to $71.21 a barrel, a 3.7 percent gain, by 3:12 p.m. EDT. U.S. West Texas Intermediate (WTI) crude futures rose $2.09 to settle at $65.51 a barrel, a 3.3 percent gain.
Geopolitical concerns elevated crude prices on Tuesday after President Donald Trump canceled his scheduled trip to multiple South American countries to focus on the U.S. response to developments in Syria.
The president met with military officials in the White House Monday to discuss the administration’s response to an alleged chemical weapons attack carried out by Syrian President Bashar Assad’s government against its own people.