Crude Oil Jumps on Libya Export Blockage, Iraq Disruptions

 Oil gained in Asian trading Monday following supply disruptions and political instability in key producers Libya and Iraq.

Futures in New York rose as much as 2%, after ending little changed on Friday. A blockage of oil exports at Libya’s ports is expected to cut the country’s output by about 800,000 barrels a day, and forced the national oil company to declare force majeure on delivery contracts. Meanwhile, Iraq temporarily stopped work on an oil field on Sunday and supply from a second production site is at risk as widespread unrest escalates in one of OPEC’s biggest producers.