Brent crude near $113 on supply woes as Iraq violence rises

Brent crude was up near $113 a barrel on Monday after a strong rally last week, as Sunni insurgents advanced in Iraq, intensifying concerns over a potential disruption to oil exports from the second-largest Opec producer. The eruption of violence in Iraq led to a spike in prices last week, with both Brent and U.S. crude gaining more than four per cent - the most since July and December, respectively. Brent crude for August delivery was up 25 cents to $112.71 a barrel by 1108 GMT, after touching an intraday high of $113.28. The July contract, which expired on Friday, settled 39 cents higher at $113.41 a barrel, the highest settlement level since September 2013. US oil was up 16 cents to $107.07 a barrel, after reaching an intraday high of $107.54 in Asian trading. Reflecting on Monday's more modest gains, oil futures brokers and analysts said it looked as if the move up last week had been overcooked.