Oil prices soar on Iraq concerns

Oil prices have jumped to a nine-month high on mounting concerns turmoil in Iraq may have a negative impact on global supplies.

Brent futures have risen 3% to $113.27 per barrel and US crude is up more than 2% to $106.71, the highest levels for both since September. The prices jumped after Iraqi Kurdish forces took control of the northern oil hub of Kirkik, prompting US president Barack Obama to say he would consider "all options" to help Iraq. Iraq is the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) group, so a cut-off in supply from the region could have a detrimental effect on the oil market. The news has also sent global markets tumbling, with the Dow Jones...