Oil prices soared by 2% to a one-month high on Friday in a “knee-jerk reaction” to the United States’ missile strikes on Syrian airbases, before dropping marginally. Although oil production in Syria is limited, its location and ties with other West Asian countries that are major oil producers triggered concerns that the growing turmoil in the country could affect crude supply, Reuters reported.

Brent crude futures – the international benchmark for oil – saw a spike to $56.08 per barrel, before dropping to $55.62 per barrel – still 1.3% higher from the last closing price. The cost of US West Texas Intermediate crude jumped by more than 2% to $52.94 a barrel before declining to $52.46 – still up 1.45%. Both hit their highest since early March, according to Reuters.

“What will be the response of Iran and Russia, two of the world’s largest oil producers and staunch allies of the Assad regime?” said Jeffrey Halley of Singapore-based futures brokerage OANDA. Both countries condemned the US strikes, which were launched in retaliation to the chemical attack in the rebel-held Idlib province by Bashar al-Assad’s forces.

A US military official said 59 Tomahawk cruise missiles were used to target fighterjets and other infrastructure at the Al Shayrat airfield in Syria. Russia was informed of the strike beforehand to prevent any damage to their arsenal. US President Donald Trump said he had ordered the military strike in USA’s “national security interest”.