Singapore — Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concern about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates .
Turkey’s state pipeline operator Botas said on Tuesday that it cut oil flows on the Kirkuk-Ceyhan pipeline after an explosion on the system. The cause of the explosion is not known. Geopolitical issues in Russia, the world's second-largest oil producer, and the UAE, Opec’s third-largest producer, are adding to the supply concerns.
The tension raises the prospect of supply disruptions at a time when Opec, Russia and their allies, together called Opec+, are already having difficulty meeting their agreed target to add 400,000 barrels a day of supply each month.
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