Crude prices were seen trading slightly higher on Monday amid the ongoing geopolitical tensions as the US continued airstrikes in Iraq against the Sunni militants. Oil traders continue to raise worries amid speculation that the action will diminish threats to the oil reserves and supplies in the northern region of the country.
Futures for the North American West Texas intermediate (WTI) crude for September delivery traded 0.27% higher to $97.92 per barrel on the New York Mercantile Exchange, while the European benchmark Brent crude for September settlement came in at 0.08% to $105.11 a barrel on the ICE Futures Europe Exchange based in London at the time of writing.
Iraq
Over the weekend, the US continued to dispatch air strikes against the Sunni militants in Iraq and urged Iraqi leaders to form a new government after accusing the country’s Prime Minister Nouri al-Maliki of being a divisive figure. Traders are hoping the US troops will support the Iraqi government to reclaim the Islamic State (formerly known as ISIS) fighters.
On Sunday, air strikes targeting the Islamic state militants destroyed several trucks and a mortar position held by the militants, according to the US central Command in Tampa, Florida.
Despite the ongoing conflict in the northern region of Iraq, the country’s oil reserves based in the south remained unaffected by the turmoil. Iraq’s oil exports are expected to surpass 2.5 million barrels a day this month, according to Oil Minister Abdul Kareem al-Luaibi.
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In Gaza, a new 72-hour ceasefire began on Monday between the country and Israel, after Gaza militants broke the previous ceasefire by firing rockets into Israel, according to reports.
Ukraine
Ukraine’s military has demanded pro-Russia rebels to surrender after Ukraine dismissed the ceasefire offer from Ukraine. Worries over the possibility of Russia invading into Ukraine eased slightly after Kremlin ordered forces near the border region back to their home base.
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