Oil prices hit high as Turkey threat to cut off Kurdish oil exports

Brent oil prices hovered near 26-month highs after Turkey's threat to cut crude exports from Iraq's Kurdistan region as well as signs that market rebalancing is accelerating. Turkey's anger at a Kurdish independence referendum is reaching a new high and thus pushing oil prices to new highs too. At nearly 60 dollars a barrel before easing back, Brent futures at levels not seen in over two years. For traders, a bonus effect after OPEC's assessment last week. For its part, exports from Iraq's Kurdistan region account for over half a million barrels a day are now hanging in the balance along with a referendum whose results will be announced later this week.