Uncertainty over Iraq pushes oil price to three-month high

June 13, 2014 03:37

Escalating violence in Iraq sent the price of oil to a three-month high as traders bet that advances made by insurgents could disrupt supplies from one of the world's largest oil exporters. Brent crude futures rose 2% to $112.12 a barrel, the highest price since early March. The initially calm response to Sunni militants' overruning of Mosul, Iraq's second largest city, on Tuesday turned to alarm as Isis, the al-Qaida splinter group, announced its intention to take Baghdad.

The prospect of rising oil prices because of the turmoil in Iraq prompted concerns about wider price rises that could force central banks to increase interest rates to curb inflation. That move in turn could put the brakes on economic recovery in the US and the UK.

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