OIL prices rose yesterday following the suspected sabotage which closed Iraq's pipeline to Turkey only two days after it was reopened.
North Sea Brent crude - a benchmark for world oil prices - rose 35 cents a barrel to $29.16 as dealers worried that the disruption would hit supplies.
Friday's pipeline explosion is the latest event to affect the volatile world oil price this year.
Prices rose rapidly in the run-up to war in Iraq before dipping again on the conclusion of major fighting.
But traders said, in contrast to market expectations, oil prices had shown healthy year-on-year increases despite the short-lived recovery in Iraqi exports.
Alex Scott, at 7 Investment Management, said: "Clearly a long pipeline is going to be extremely difficult to defend from saboteurs."
He said that anyone who thought large amounts of Iraqi oil coming into the market would take the price back to $20 a barrel would be disappointed.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article