Brent Rises Near Nine-Month High on Iraq

Brent traded near the highest level since September and West Texas Intermediate was little changed as militants in Iraq seized more territory and President Barack Obama warned that the crisis may spill over into other countries.

Brent futures climbed as much as 0.7 percent in London. Fighters from the Islamic State in Iraq and the Levant took control of Iraq’s border crossings with Jordan and Syria, Hameed Ahmed Hashim, a member of the Anbar provincial council, said by phone yesterday. A Chinese manufacturing gauge rose to a seven-month high in June, indicating that the economy of the world’s second-biggest oil user may be picking up.