Oil strikes nine-month peak on Iraq violence

Global oil prices surged to fresh nine-month high points on Friday as traders eyed worsening violence in OPEC's second biggest crude exporter Iraq. Brent crude for July delivery soared to $114.69 per barrel in morning deals, touching the highest level since September 2013. It later stood at $113.57 in London afternoon deals, up 55 cents from Thursday, as traders booked profits. US benchmark West Texas Intermediate for July added 42 cents to $106.95 a barrel. "Prices are still being driven up by the events in Iraq, where militants from the Sunni terrorist group ISIL have seized further territory and are now said to be just a few kilometres away from the capital, Baghdad," said Commerzbank analyst Carsten Fritsch. "The US is now considering air strikes by way of supporting the Iraqi armed forces in their fight against the ISIL. The Iraqi government increasingly appears to be losing control of the country," according to AFP.