Oil price hits highest level since July 2015

As a result, the price of Brent Crude rose 3.8% to close at $59 a barrel, its highest level since July 2015, but has since continued to rise 0.3% to $59.2 a barrel in early morning trading. Erdogan's threat to shut off the main pipeline in northern Iraq comes as the region held an independence referendum to see whether it should become an autonomous Kurdish region, something the Turkish President strongly opposes. The pipeline, which Erdogan has threatened to "close", usually pumps between 500,000 and 600,000 barrels a day. According to the Financial Times, Kurdish exports have ris...