Oil Rises as Iraqi Forces Seize Oil Fields, Clash With Kurds
- Military captures a refinery, gas plant and main road in Kiruk
- Iraqi Kurds halt crude output at Avana and Bai Hassan deposits
Sfakianakis: Oil Risks Short-Term Spike on Iraq
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Oil advanced to a two-week high as Iraqi troops clashed with Kurdish forces, disrupting supplies from a region that produces more than half a million barrels a day.
Futures climbed 0.8 percent in New York. Iraqi forces said they had seized the headquarters of Kirkuk’s provincial administration in the north of the country on Monday. Kurdish KAR Group stopped pumping crude at the Avana and Bai Hassan deposits, an official at the central government-run North Oil Co. said. About 600,000 barrels a day was being exported through a Kurd-controlled pipeline to Turkey, a different person familiar with the matter said earlier.