As the crisis in Iraq escalates, brent crude climbed above $115 today towards its 9-month record high. Brent rose 62 cents to $115.43 by 6:35 a.m. GMT, and may break its Thursday record of $115.71 - the highest price since September 9.
Concerns of Iraqi supply are causing brent to rocket. Militants yesterday took control of three towns, two crossings on the Iraq-Syrian border, and stopped traffic on the main highway from Jordan to Baghdad.
U.S. crude for August delivery also gained, soaring 50 cents to $107.33. The July contract expired on Friday.