LONDON: Oil prices soared yesterday to a new nine-month high point on escalating violence in Iraq, as militants attacked the crude producer’s biggest refinery and seized more territory.
Brent crude for August delivery rallied as high as $114.80 per barrel, reaching a level last seen in September 2013. It later stood at $114.50, up 24 cents from Wednesday’s close. US benchmark West Texas Intermediate for July delivery added 40 cents to $106.37 a barrel. “Brent crude has strengthened today, supported by the ongoing advance of the Islamist militant insurgency in Iraq,” said Inenco analyst Dorian Lucas.
Iraqi forces regained full control yesterday of the country’s largest oil refinery after heavy fighting with militants attempting to seize it, officials said.
The crisis has rocked the global oil market because Iraq is the second-biggest producer within the 12-nation Opec. AFP
