Oil prices on both sides of the Atlantic rose more than $1 on Friday, with Brent nearing $107 a barrel after the United States approved air strikes against Islamic militants in Iraq, raising the threat of oil disruptions from the key oil producer.
President Barack Obama said he had authorized limited use of American air power on advancing Islamic militants in northern Iraq to protect American personnel, but had no intention of getting dragged into war there.
President Barack Obama said he had authorized limited use of American air power on advancing Islamic militants in northern Iraq to protect American personnel, but had no intention of getting dragged into war there.
Brent crude for September delivery rose $1.19 cents to $106.63 a barrel by 0328 GMT, after trading as high as $106.85 a barrel earlier in the session. The contract was on track for gains of nearly 2 percent for the week.
U.S. crude rose 90 cents to $98.24 a barrel, after trading as high as $98.45 a barrel.
The spread between the two benchmarks widened to $8.39 a barrel.
U.S. crude rose 90 cents to $98.24 a barrel, after trading as high as $98.45 a barrel.
The spread between the two benchmarks widened to $8.39 a barrel.
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