Oil prices up with Iraq violence in focus

Posted By: Staff
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Singapore, Jun 19 (AFP) Oil prices rose in Asian trade today with escalating violence in Iraq sharply in focus as militants attacked the major crude producer's biggest refinery and seized more territory. US benchmark West Texas Intermediate (WTI) for July rose 35 cents to USD 106.32 while Brent crude for August gained nine cents to USD 114.35 in late-morning trade.

WTI has jumped by more than USD 2.0 a barrel and Brent by over USD 4.0 since the escalation of the jihadist offensive last week. "The escalation of the crisis in Iraq led to a sharp spike in crude prices," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at professional services firm Ernst.

Read more about: oil, iraq
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