Iraq bomb blast sees oil future prices rise

CRUDE oil futures rose in New York yesterday after a blast damaged an oil pipeline in Iraq, renewing concerns that violence will disrupt exports from the Middle East’s fifth-biggest oil producer.

Saboteurs caused the blast yesterday on the pipeline that links the Rumaila and Zubayr oil fields, Al-Hayat newspaper reported, citing an unidentified official from the state-run South Oil Company.

However, three agents who provide services for tanker owners said that Iraqi oil exports through the Basra terminal in the Persian Gulf are unaffected.