The growing prospect of military intervention in Syria has sent global markets scuttling, with the FTSE 100 and Dow Jones indices both losing ground.
So far this morning, the FTSE 100 is down 0.4%, having already lost 3% in the last few weeks, largely thanks to escalating political unrest in the Middle East and concerns that the US may ease up on its economic stimulus packages.
The US markets also closed down 1.14% yesterday and are widely expected to fall further once trading commences.
But the turbulence spelt good news for some energy companies that largely saw their shares spike as the Syria crisis sent world Brent Crude prices to a six-month high. Shared of FTSE giants BP and Royal Dutch Shell both rose by 1.85% and 3.38% respectively this morning.
Britain has now announced that it will take a resolution to the UN Security Council later today asking it to “authoris[e] necessary measures to protect civilians”.
It is unclear whether the vote will be carried by the body and whether joint US-UK action could be authorised outside the scope of the UN.
Russia, a staunch Syria ally that holds veto power at the Security Council, has so far blocked any major action at the UN, although backroom talks involving a Saudi-Russia oil deal have possibly relaxed its resolve and could lead to Russia abstaining.
Moscow has so far insisted there is insufficient evidence to link the regime of President Bashar al-Assad to an alleged chemical weapons attack outside the Syrian capital Damascus last week.
The US, UK and France, however, say there is now undeniable proof with British Prime Minister David Cameron recalling Parliament from its summer break. According to aid group Medecin Sans Frontiers 355 people were killed and 3,600 injured in the attack.