Brent crude futures held near $113 per barrel today as the US plans air strikes in Iraq, amid a worsening security situation in the key oil producing country and continuing concerns over oil supply.
Brent crude for August delivery decreased 12 cents to $112.82 a barrel and US July crude decreased 32 cents to $106.58 a barrel, Reuters reported.
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During the past week, Baghdad’s Army has been routed by Islamic militants seizing the country’s north portion, threatening to dismember Iraq. Oil exports of 3.3 million barrels per day were not affected.
US President Barack Obama is considering options for military action to support the besieged Government of Iraq and met with top national security advisers in this regard.
Last week, Brent prices increased around 4%, said to be the most since July 2013.
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According to an official spokesman, the Kurdistan Regional Government complicated the situation in Iraq, the second-largest OPEC producer, and believes its share of total oil sales in Iraq should be as high as 25%, which represents an increase from the existing 17%.
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By GlobalDataImage: For August delivery, Brent crude declined 12 cents to $112.82 a barrel. Photo: courtesy of Victor Habbick / FreeDigitalPhotos.net.
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