Khaberni - Oil Ministry sources mentioned that Iraq declared a state of force majeure in all oil fields operated by foreign oil companies.
This occurred while military operations in the region have disrupted navigation through the Strait of Hormuz, preventing most of Iraq's crude oil exports.
Oil prices rose one percent in volatile trading on Friday, with no signs of the ongoing war with Iran abating, which has been ongoing for three weeks, while the United States is preparing to send thousands of additional troops to the Middle East in the coming weeks.
May Brent crude futures increased by 91 cents or one percent to $109.64 per barrel by 16:11 GMT, while West Texas Intermediate crude for April delivery rose $1.29 or 1.3 percent to $97.43.
The intensity of the U.S.-Israeli war on Iran escalated this week with attacks on major energy infrastructure within Iran, which responded by launching attacks on neighboring countries, including Saudi Arabia, Qatar, and Kuwait.
