Oil Prices Move Higher As Syrian Rebels Take Control Of Damascus

Syrian President Bashar Assad’s 24-year rule came to an abrupt end Sunday following a 12-day offensive by rebel forces. 

The Details: Assad fled the country after rebels gained control and has reportedly received asylum in Russia, as revealed by a source from the Kremlin, according to Russia's state-owned news agency TASS on Sunday.

The rebels who ended Assad's rule in Syria began taking over the capital Damascus on Monday and said a new government would take effect now, according to The New York Times.

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The situation remains fluid and the United Nations Security Council is set to discuss the developments and implications for regional stability on Monday afternoon. Financial markets are reacting to the increased uncertainty in the region as well.

In the oil market, a barrel of benchmark U.S. crude West Texas Intermediate is up 2.17% at $68.66 and shares of the United States Oil Fund ETF USO are up 2.09% at $71.71 on Monday. Syrian oil production has declined dramatically due to its lengthy civil war and international sanctions with production in 2024 down to approximately 34,602 barrels per day, according to Bloomberg.

The price of gold is also up on Monday amid the increased geopolitical tensions, rising 1.25% to $2,692.90 per ounce. The iShares Gold Trust Micro Shares ETF IAUM is also up 1.35% at $26.60 per share. 

Broader markets are trading lower as well with the SPDR S&P 500 ETF SPY, down 0.35% at $605.70 and the Invesco QQQ Trust QQQ, which tracks the Nasdaq 100 index, down 0.71% at $522.75 at the time of writing Monday.

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