Tensions just moved up in Middle East, over fights in Syria as Turkish fighter planes just shot down a Russian war-jet, accusing it of violating Turkey's sovereign air space.
Turkey claims that it had issued several warnings, 10 times at least over a span of five minutes before taking serious measures, while Russia denies any wrong doing and as a matter of fact said that it can prove that the plane was in Syrian air space and not violating Turkey's sovereignty.
Either way, it is now a serious escalation of the tensions there. Moreover two Russian pilots are still missing. One has allegedly been captured by Turkish air force. Russia has sent helicopters in search of the pilots.
Turkey has been in favor of removing Assad from Syria, while Russia remains a close ally to him. The country has been quite displeased with Russian bombing of pro-Turkish militia and opposition to Assad. So if Russia is able to prove that the plane was in fact within Syrian air space, consequence could be far bigger, it would mean Turkish forces aggressively shot down the Russian fighter.
On the other hand, mistake by Russian side would pose doubts over Russia's intention in Middle East and pour water over the possibility of true grand coalition against Islamic State.
Brent is firmer on the news, trading at $45.3/barrel, while Turkish Lira is down almost 1%. Turkish benchmark stock index is down -1.3% so far today.
