Oil prices rally to 9-month highs on Iraq violence

New York, Jun 12: Oil prices leaped to their highest level in nearly nine months today on rising concerns that turmoil in Iraq will disrupt Middle East supplies.

US benchmark West Texas Intermediate for delivery in July jumped USD 2.13 compared with yesterday’s close to USD 106.53 a barrel, the highest level since September 18, 2013.

European benchmark Brent crude for July delivery rallied USD 3.07 to USD 113.02 a barrel on London’s Intercontinental Exchange.