Oil prices climb on Turkish threat

The price of crude oil was higher on Wednesday on threats from Turkey that they will attack Kurd-controlled northern Iraq if the United States does not prevent the Kurdistan Workers’ Party from attacking sites in southeastern Turkey.

Some reports said that the Turkish military was already shelling Kurdish positions but had not yet sent ground troops across the border.

West Texas Intermediate crude November contracts were up $1.05 to $81.31 per barrel at the close of trade on the New York Mercantile Exchange, while November-delivery Brent crude added $1.06 to $78.55 on the Intercontinental Exchange in London.

Prices for WTI are 39 percent higher than they were last year at this time.

Nymex November gasoline was 1 cent higher to $2.03 per gallon, while December heating oil traded even at $2.21 per gallon.

November natural gas climbed 15 cents to $7.02 per million British thermal units.