Market Insider

Oil spike fears rise as stability in Iraq unravels

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Geopolitical risks in the oil market

Iraq has become an important swing player with big promise in the global energy market, and the widening conflict has experts worried any supply disruptions could lead to a sharp oil price spike.

That worry and concern about a wider sectarian conflict drove oil prices higher Thursday, weighed on stocks and sent buyers into bonds.

Brent futures rallied more than 3 percent, to $113.02 a barrel, the highest price since Sept. 9. WTI rose $2.13, to $106.53 per barrel. Gasoline futures jumped $0.8, to $3.08 per gallon.