Oil price soars on Kurdish referendum

Brent crude surged to a 26-month high as Turkey threatened to shut down Kurdish crude shipments through its territory to punish the Iraqi region for holding an independence referendum.

Kurdish oil supplies may be in jeopardy as Turkey, Iran and the Iraqi central government in Baghdad sought to isolate the semi-autonomous Kurds as balloting began.

Meanwhile, Opec and its partners implemented more than 100% of their agreed cuts last month, Opec secretary-general Mohammad Barkindo said late last week, providing more fuel to the oil rally.