Oil Prices Rise on Middle East Fears

Oil prices rose to a six month high overnight amid fears that the continued problems in Iraq may affect global supplies.

Iraq is the second largest producer of the OPEC group. (Organization of Petroleum Exporting Countries).

Brent crude futures rose 3% to $113.27 per barrel, while US crude gained more than 2% to $106.71, the highest reading for both since September.

A trader at Jeffries Bache, Christoper Bellew told the BBC:

“If this conflict knocked out Iraq as an exporter, that would have significant impact on prices,”

Global stock markets have also reacted to the situation in Iraq with the Dow Jones and many Asian markets falling on Thursday.

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