{"id":1341,"date":"2017-10-25T02:09:50","date_gmt":"2017-10-25T02:09:50","guid":{"rendered":"http:\/\/madaresharghi.com\/oil-rises-on-mideast-tension\/"},"modified":"2017-10-25T02:09:50","modified_gmt":"2017-10-25T02:09:50","slug":"oil-rises-on-mideast-tension","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/oil-rises-on-mideast-tension\/","title":{"rendered":"Oil Rises on Mideast Tension"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC\u2019s second-largest producer.<br \/> \tBrent crude futures were at $58.10 per barrel, up 93 cents from the previous close. US WTI crude was at $52.14 per barrel, up 69 cents, Reuters reported.<br \/> \tIraq launched the operation in the multi-ethnic region on Sunday, as the crisis between Baghdad and the Kurdish Regional Government escalated. Tensions have been building since the KRG voted for independence in a Sept. 25 referendum.<br \/> \t\u201cThe escalation in Northern Iraq is the main driver,\u201d Commerzbank analyst, Carsten Fritsch, told the Reuters Global Oil Forum. \u201cOil supply from this region is at risk.\u201d<br \/> \tThe government said its troops had seized Kirkuk airport and taken control of Iraq\u2019s North Oil Company. While an Iraqi Oil Ministry official said oil and gas production in Kirkuk was \u201cproceeding normally\u201d, and that Kurdish leaders had agreed to avoid fighting in oil and gas facilities, the action unsettled the market.<br \/> \tKirkuk accounts for 200,000 barrels per day of the some 600,000 bpd of oil produced in the KRG region, and Turkey has threatened to shut a KRG-operated pipeline that goes to the Turkish port of Ceyhan at Baghdad\u2019s request.<br \/> \tRenewed worries over US sanctions against Iran also drew attention in the market. US President Donald Trump on Friday refused to certify that Tehran is complying with the accord even though international inspectors say it is.<br \/> \tUnder the US law, the president must certify every 90 days that Iran is complying with the deal. The US Congress now has 60 days to decide whether to reimpose economic sanctions on Tehran.<br \/> \tDuring the previous round of sanctions, roughly 1 million bpd of Iranian oil was cut off. Analysts said that while renewed sanctions were unlikely to curtail that level of exports again, they warned that such a move would be disruptive.<br \/> \tCuts to US drilling rigs and an explosion overnight at an oil rig in Louisiana\u2019s Lake Pontchartrain, also boosted prices. Drillers cut five oil rigs in the week to Oct. 13, bringing the total count to 743, the lowest since early June, Baker Hughes energy services firm said late on Friday.<br \/> \tOil consumption has also been strong, especially in China, where the central bank governor said on Monday the economy is expected to grow by 7% in the second half of this year, defying widespread expectations for a slowdown.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC\u2019s second-largest producer. Brent crude futures were at $58.10 per barrel, up 93 cents from the previous close. US WTI crude was at $52.14 per barrel, up 69 cents, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil Rises on Mideast Tension - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/oil-rises-on-mideast-tension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Rises on Mideast Tension - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC\u2019s second-largest producer. Brent crude futures were at $58.10 per barrel, up 93 cents from the previous close. 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