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Oil prices climb on escalating conflict in Iraq, new US sanctions

Prices were also underpinned by worries over renewed US sanctions against Iran

Reuters  |  London 

Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC's second-largest producer. Iraq launched the operation in the multi-ethnic region on Sunday as the crisis between Baghdad and the Kurdish Regional Government (KRG) escalated. Tensions have been building since the KRG voted for independence in a Sept. 25 referendum. International Brent crude futures were at $57.75 per barrel at 0733 GMT, up 58 cents from the previous close, after trading as high as $58.13. U.S. WTI ...

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First Published: Mon, October 16 2017. 15:48 IST