The price of oil rose again Friday, nearing $107 a barrel, as the growing crisis in Iraq fuels concerns that crude supplies from OPEC’s second-largest producer could be hurt.
Crude oil rose 38 cents, or 0.4 percent, to $106.91 a barrel. Oil prices rose more than $2 a barrel on Thursday and are up 4 percent this week.
Oil prices hit 10-month highs after an al-Qaida-inspired group vowed to march on Baghdad after capturing two key Iraqi cities this week. However, the violence is mostly centered in Iraq’s north, away from the major oil-producing regions of the south.
The turmoil hasn’t yet slowed exports, though it raised concerns about whether Iraq can continue rebuilding its oil infrastructure and boost output to meet global demand.