Oil prices soar to a new nine-month peak on Iraq violence
Published on Jun 19, 2014 8:52 PM
LONDON (AFP) - Oil prices soared Thursday to a new nine-month high point on escalating violence in Iraq, as militants attacked the major crude producer's biggest refinery and seized more territory.
Brent crude for August delivery rallied as high as US$114.80 per barrel, reaching a level last seen in September 2013. It later stood at US$114.50, up 24 cents from Wednesday's close.
US benchmark West Texas Intermediate for July delivery added 40 cents to US$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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!