NEW YORK (TheStreet) -- As concerns over military intervention in Syria rise, so do oil prices. Jeffrey Grossman, president of BRG Brokerage, tells TheStreet's Joe Deaux what he expects.
WTI crude has popped higher by $2 a barrel on news that the U.S. military may intervene in Syria. Grossman said the price spike in crude oil is almost always to the upside in situations like this.
Market participants get skittish on the possibilities of what could happen, such a cutoff in supply. He was quick to dismiss this as likely.
Grossman went on to say that oil supply and delivery stayed very consistent during the Egyptian civil war, and that Syria isn't a very oil-intensive region.
Even with a military strike by the United States, he said, he wouldn't expect crude to move much higher and is surprised it's even as high as it is now. Prices of crude are already too high, he observed.
Grossman concluded that when all is said and done, military action would likely have little to do with the supply and delivery of oil, and prices will come back down.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.