Brent crude rose above $113 per barrel today, following rapidly advancing Sunni insurgents seizing a mainly ethnic Turkmen city in north-western Iraq.
The insurgents have increased concerns over a potential disruption to oil exports from the second-largest OPEC producer.
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The delivery of brent crude for August increased by 59 cents to $113.05 a barrel, while US oil rose 48 cents to $107.39 per barrel, Reuters reported.
Both Brent and US crude gained more than 4% last week and the sudden eruption of violence in the country resulted in a sharp spike in prices.
Most of Iraq’s oil supplies, which are hundreds of miles to the south of the fighting, remain limited at the moment and Iraqi exports from the north are also considered safe.
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According to US President Barack Obama, various means are needed to determine how the US would help Iraq deal with the stunning advance of the Islamists.
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