Brent crude increased above $115 a barrel today amid potential supply disruption worries caused by violence in Iraq.
Reuters reported that Brent was up 25 cents at $115.06, while US crude for August delivery gained 21 cents to $107.04.
Go deeper with GlobalData
The widespread violence in Iraq has continued over the weekend with Sunni insurgents taking control of areas along the Syrian border.
Militants from the Islamic State of Iraq and the Levant have reportedly taken control of three towns in Iraq’s western Anbar province.
The militants have also seized two frontier crossings on the Iraq and Syria border over the weekend.
Sunni tribes seized a border crossing between Iraq and Jordan, following the country’s move to call off military personnel from the area after a clash with rebels.
On Sunday, Reuters reported that there was a lull in fighting at Iraq’s largest refinery, the 300,000bpd Baiji complex, although militants still surround the plant.
The US Secretary of State John Kerry has visited Iraq to discuss possible oil supply disruptions with Gulf countries.
The oil market is also watching oil production in Libya following a series of stoppages in the country.
A spokesman for state-run National Oil Corp said the western El Feel oilfield is producing 95,000bpd, increasing the country’s oil production to around 270,000bpd.
.gif)
