"The market in general is trying to assess the risks on
Iraqi exports from the north are considered safe for the moment, analysts said, as the major
"While the Iraqi military faces low morale issues in the north, Shia fighters would prove much more resilient in protecting their homes and provinces in southern
Brent was up
Brent was set to gain more than five per cent this week, the biggest weekly rise since last July, while US crude was on track for its biggest jump since December.
"Concerning as the latest events in
Analysts say oil markets are finely balanced at the moment and another significant blow to supply could push up prices even further.
The IEA said yesterday that Opec would need to produce one million barrels per day (bpd) more oil on average in the second half of 2014 to balance the global market, which will see a steep seasonal spike in demand.
The bullish assessment contrasted with the view of Opec, which on Thursday said extra production would be more than sufficient to meet growing demand.
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