Insight
Iraq's military actions near Kurdistan boost oil price
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Report summary
As we have been anticipating, geopolitical risk has become more important for oil prices as the oil market tightens. The week of 16 October 2017 is illustrative of this with Brent prices moving toward $59 per barrel in reaction to the latest events in northern Iraq – specifically, Iraq moving troops into the Kirkuk region. On 16 October, Iraqi federal forces quickly regained control of Kirkuk oil fields and the city. Despite the relatively peaceful handover at the time, supply from the region has been affected.
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