The international oil prices soared to their highest level in a year today on reports of US mounting air strikes on Iraq. International benchmark Brent crude oil, which has already climbed more than a third this year on war fears, jumped 59 cents to $28.25 per barrel, its highest level since September last year.
US crude soared 60 cents to $29.58. The prices are expected to move further on growing market fears of a massive military assault on Iraq after US and British planes bombed targets there Thursday.
Ananlysts predicted that Brent price would rise to near $30 a barrel by end of the year even without an attack. Tough output curbs by OPEC cartel have coincided with recovery in global oil demand and winter buying. Analysts expect price rise accelerate by end of the year.
The spurt in oil prices would bloat India
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