Oil rises above $107 as violence rages in IraqJune 16, 2014 - 16:52 AMT PanARMENIAN.Net - The price of oil rose above $107 Monday, June 16, as violence worsened in Iraq with reports of a massacre by Islamic militants, raising fears of widening instability in the country, a key energy producer, the Associated Press reports. The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq's second-largest city, Mosul. The militants, who on Sunday posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed, vow to march on Baghdad. After rising 4.1 percent last week, benchmark U.S. crude for July delivery rose 36 cents to $107.27 — the highest in nine months — in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, gained 63 cents to $113.09 a barrel in London. The capture of Mosul, a key gateway for Iraqi crude, raises worries about whether the country can rebuild its energy infrastructure and raise production to meet global demand. A U.S. aircraft carrier has moved into the Persian Gulf as President Barack Obama considers military options, though he has ruled out sending in American troops. "The U.S. has ruled out putting troops on the ground, raising fears of a protracted period of tensions that might spill over into the wider Middle East," Mizuho Bank analysts said in a report. "With no signs of any decisive U.S. actions to enforce the security situation, oil prices continue to price in fears of supply disruptions." Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. |