Oil jumps on Iraq, Libya unrest

SINGAPORE: Oil jumped back above US$65 a barrel in London, as supply disruptions in Iraq and Libya reignited concerns over the market’s vulnerability to geopolitical risk in key production regions.

Futures rose more than 1.7% in London and New York. Iraq temporarily stopped output at an oil field on Sunday, with supply from a second site threatened as unrest escalated in the Organisation of the Petroleum Exporting Countries’ (Opec) second-biggest producer. In Libya, the country’s oil production almost ground to a halt after armed forces shut down a pipeline, halting output from the nation’s biggest field.