Oil rises over Iraq fighting & Trump's Iran threat

Iraqi Oil Worker Works In Refinery

Brent crude jumped more than one per cent on the news

Brent crude for December LCOZ7, +1.31% gained 65 cents, or 1.1%, to $57.82, also ending around its highest level since late September.

Investing.com - prices remained supported on Tuesday, as escalating violence between Iraqi troops and Kurdish forces near Kirkuk sparked concerns over potential supply disruptions in the region, while investors eyed upcoming US inventory data.

Under U.S. law, the president must certify every 90 days that Iran is complying with the deal.

In May, OPEC and non-OPEC members agreed to extend production cuts of 1.8m barrels per day for a period of nine months until March 2018 but rising production from the U.S., Nigeria and Libya has undermined the oil cartel's efforts to curb excess supply. And though the US has hardened its stance against Iran, there's still "high uncertainty" over whether it'll reimpose sanctions curbing the Middle East country's crude supply.

As per traders' opinion, worries of United States sanctions against Iran led to price rise.

Judge in Hawaii blocks latest version of Trump's travel ban
Hawaii argues the updated ban is a continuation of President Donald Trump's "promise to exclude Muslims from the United States". The new measures range from an indefinite ban on visas for citizens of Syria to more targeted limitations.

Experts say that forces of Iraqi central government, Iraqi Kurdish Regional administration (IKBY), initiated operation to get oil wells in hand, preventing upward movement of oil prices, which would result in faster results than expected. The price of Crude Oil has been in an upwards trend ever since it bounced at a long-time low price close to $42 - a long trade opportunity that I blogged about at the time.

There were also concerns about the stability of Iraq, the second biggest oil producer within OPEC behind Saudi Arabia.

An explosion overnight at an oil rig in Louisiana's Lake Pontchartrain drew market attention, with at least six people injured. In same minute, West Texas (WTI) type of crude oil found a buyer from $51.72.

Overnight, crude oil prices settled lower on Thursday as a bearish outlook on global oil demand for 2018 offset data showing USA crude oil stockpiles fell for the third-straight week.

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