Oil prices rally as Turkey bombs Kurds in Iraq

LONDON (AFP) – The price of oil climbed back above 113 dollars on Friday in reaction to news that Turkish planes bombed Kurdish rebel hideouts in oil-rich Iraq overnight, analysts said.

Prices were rising at the end of a volatile week in which crude struck a record high of almost 120 dollars before sliding on profit-taking.


On Friday, New York’s main oil futures contract, light sweet crude for June delivery, rose 59 cents to 113.12 dollars per barrel. New York crude had struck a record high 119.93 dollars on Monday.

London’s Brent North Sea crude for June gained 70 cents to 111.20 dollars on Friday. The contract had hit an all-time peak of 117.56 per barrel on April 25.

Oil futures advanced Friday “as news broke that Turkey has launched air strikes in north Iraq,” said Sucden analyst Michael Davies.

The Turkish military confirmed Friday that its warplanes bombed Kurdish rebel targets in northern Iraq overnight, in the latest air strike in the region since December.

AFP