Oil prices, which have shot up in recent days over the threat of a US strike against Syria, fell below $109 a barrel today after Damascus reacted favourably to a proposal to turn over its chemical weapons.

Benchmark oil for October delivery fell $1.16 per barrel to $108.36 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.01 to close at $109.52 a barrel on the NYMEX yesterday.

Oil prices have risen sharply in recent days following President Barack Obama’s call for military action against Syrian President Bashar Assad in retaliation for what the White House says was a chemical weapons attack against civilians.

But yesterday, there was reason to hope for a diplomatic solution when Syria’s foreign minister welcomed a suggestion to move all the country’s chemical weapons under international control.

Analysts said it could also hurt Obama’s attempts at gaining congressional support for military intervention. .

“Backed by the UN, Russia is arranging for Syria to turn over its chemical weapons to avert a confrontation,” said Vishnu Varathan of Mizuho Bank Ltd in Singapore.

Brent, the benchmark for international crude, dropped $1.03 to $112.69 per barrel on the ICE Futures exchange in London.

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