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WTI Rises to 8-Month High on Escalating Iraq Conflict

West Texas Intermediate and Brent crudes surged to eight-month highs as violence escalated across northern and central Iraq, increasing the prospect of a return to civil war in OPEC’s second-biggest oil producer.

WTI advanced 2 percent while Brent gained 2.8 percent. Militants linked to al-Qaeda extended control over Mosul, Iraq’s second-largest city, and moved south toward Baghdad as Oil Minister Abdul Kareem al-Luaibi said U.S. planes may bomb northern Iraq. Iraqi crude production rose 50,000 barrels a day to 3.3 million last month, data compiled by Bloomberg show.