Tension in Turkey leads to a rise in oil prices

November 14th, 2007 - 2:18 am ICT by admin  
Nicosia, Oct 15 (ANI): Rising tension in Turkey, which is preparing to attack Kurdish guerillas inside northern Iraq, have pushed global oil prices to fresh record highs.

In morning trade in Europe, both Brent and US light crude hit new peak levels, with Brent touching 81.93 dollars a barrel and US light reaching 85.19 dollars per barrel.

Analysts attributed the rise to press reports that Turkish forces had shelled an Iraqi border village overnight.

Last week, 13 Turkish soldiers were killed close to the Iraqi border, where an estimated 3,500 members of the Kurdistan Workers Party are based.

Other reasons given for the surge in oil prices are dwindling stockpiles and projections for a cold winter.

Turkey has thousands of troops bordering northern Iraq and wants to engage Kurdish fighters, who have killed several Turkish troops in recent days as part of an ongoing struggle to form an independent country in the region that would include taking a slice of territory from Turkey.

Northern Iraq is home to much of the country’s oil production, which is running at more than 2 million barrels a day.

The government in Ankara is now preparing a motion seeking parliamentary approval for a military incursion into northern Iraq, ignoring US appeals to show restraint and not make an incursion in northern Iraq.

Relations between Washington and Ankara are currently strained after a recent US congressional vote branding the mass killing of Armenians in 1915-17 by Ottoman Turks as genocide. (ANI)

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