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Oil Prices Rise As ISIS Attack Iraq Oil Pipelines

UPDATE: And now *YEMEN GUNMEN BLOW UP OIL PIPELINE IN SHABWA: ARABIYA

As oil prices started to slide this morning, following their pop on lower-than-expected API inventory build data, headlines crossed:

  • *ISLAMISTS ATTACK IRAQ OIL PIPELINES EAST OF TIKRIT: IRAQIYA

As we detailed yesterday, Tikrit is key, and this (unconfirmed for now) headline sent WTI and Brent up 40c per barrel (for now).

 

As Blkoomberg reports,

Islamic State militants burned pipelines in Tal Hasiba region east of central city of Tikrit, accord. to state-sponsored Iraqiya television, which didn’t say where it got information.

*  *  *

And the immediate reaction...

 

 

With ISIS suffering from lower cashflows (thanks to lower oil prices), we suspect their efforts to raise oil prices (by any means possible) will continue.

 

Charts: Bloomberg