Middle East tensions heightened after Iran targeted more than a dozen ballistic missiles against U.S. forces in Iraq.
Investors are worried about possible attacks on oil facilities in Southern Iraq that could affect crude supplies into Asia, Henning Gloystein from Eurasia Group said.A disruption to its output level could make it hard for OPEC to replace the shortfall, Gloystein added.Essam Al-Sudani | Reuters
Investors are worried about possible attacks on oil facilities in Southern Iraq that could affect crude supplies into Asia, an analyst told CNBC on Thursday. Iraq is the second-largest oil producer in OPEC, the Organization of the Petroleum Exporting Countries.
Basra, which is near the Umm Qasr port, accounts for nearly 85% of Iraq's crude oil production, according to the Associated Press.
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