Brent crude oil on Monday rose to a 26-month high after Turkey threatened to block Kurdish crude oil shipments passing through its territory to punish the Iraqi region for holding an independence referendum.

Brent crude oil advanced $1.64 to 58.50 a barrel at 1:14 pm New York time. While the West Texas Intermediate gained $1.14 to $51.80 a barrel on the New York Mercantile Exchange.

Iraqi Kurds cast their votes in a controversial referendum on Monday as tension between the Iraqi government and the largest ethnic minority in Iraq deepened. The regional government of Kurdish people known as Kurdistan Region Government, KRG, said the referendum will give it a mandate to achieve independence from Iraq.

Ballot boxes were seen in the oil-rich city of Kirkuk, a city claimed by both the Iraqi government and Kurdistan Region Government.

“It’s pretty clear the Kurds are going to vote for independence and we will have yet another geopolitical hot spot in the Middle East that threatens a significant amount of oil supply,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone. At the same time, “the cooperation and the strong effort by OPEC is registering with the market.”

Turkey and Iran with sizable Kurdish minorities fear a referendum in Iraq might lead to similar occurrence in their countries. Therefore, the two nations threatened to work with the Iraqi central government to isolate the KRG and shut down crude shipments through their territories.

However, the Qubad Talabani, deputy prime minister of the KRG said “It is the beginning of a struggle today in which we hope after a talking process with Iraq, with our neighbors, friends and rivals, to be able to reach our nation’s objectives, be able to fulfill the dream that grew with us since childhood,” he told reporters in comments reported by Kurdish media outlet Rudaw.

“Today marks the first phase in a long-term process.”

Speaking further, he said the referendum should not be seen as a threat to neighbouring nations.

“We just ask our nation a question: do you want to live in an independent state and today our nation will be answering that question. It is not that we are declaring independence tomorrow,” he said.

Turkish President Recep Tayyip Erdogan on Monday called the referendum illegal.

“Northern Iraq is not the living space of only one person or of one tribe, and this should be known,” Erdogan said during remarks in Istanbul. “We consider the referendum, regardless of outcome, null and void. We say it is illegal.”

Israeli Prime Minister Benjamin Netanyahu described the referendum as the legitimate right of the Kurdish people to have their own state. Israel is the only country in the region supporting the referendum.

Futures rose 2.8 percent in London, while the U.S. benchmark jumped to a 4-month high.

http://investorsking.com/brent-crude-oil-jumps-26-month-high-kurdish-holds-referendum/

“Today marks the first phase in a long-term process.”

Referendum is the first phase in a very long term process.
It was not declared by Iraq but by the regional Kurds Government.
Even though Turkey rolled it as null and void no matter the outcome, the deputy Prime Minister of the KRG didn't resort to indulge and name calling rather calling for dialogue to discuss on issues.
This referendum was only achieved because the Kurds were in charge of their regional government.

Connoisseur:
“Today marks the first phase in a long-term process.”

Referendum is the first phase in a very long term process.
It was not declared by Iraq but by the regional Kurds Government.
Even though Turkey rolled it as null and void no matter the outcome, the deputy Prime Minister of the KRG didn't resort to indulge and name calling rather calling for dialogue to discuss on issues.
This referendum was only achieved because the Kurds were in charge of their regional government.

Because the Iraqi government allows Kurds real federalism, a semi-autonomy to manage its affairs. This also explains why the Iraqi Kurdistan were and still the strongest in combating ISIS so far. Uphold human right of any group of people and see it reciprocate in folds.

good

Nice

Interesting. ..

Northern Nigerians be like; "the Kurds are calling for a Civil War"

Everyone is trying to break away, we still believe in one Nigeria

Biafra referendum coming soon

Gud for kurds, it's a beginning of more referendum around the world for tribes who feel marginalised.

good news for Nigeria. It will increase the foreign reserve and strengthen the Naira.

Despite the opposition to it, I still like the way the Kurds went about the referendum for secession without hate speech and threat to kill and violence.

Hope our Igbo brothers can learn something from this.

Truth234:


Israeli Prime Minister Benjamin Netanyahu described the referendum as the legitimate right of the Kurdish people to have their own state. Israel is the only country in the region supporting the referendum.

http://investorsking.com/brent-crude-oil-jumps-26-month-high-kurdish-holds-referendum/

Israel lecturing people on "legitimate right", how ironic. All this world leader self are just bunch of hypocrite.

Referendum, dialogue and not name calling...,FG and IPOB should learn from the Kurds

Thats how sane society functions, try to replicate such in Nigeria, the FG will send armoured cars, tanks and sodiers to shoot civilians.

Kurdish people were able to achieve this because they have autonomous regional government in Iraq.

Thats why sane minds should support a restructured Nigrria along regional lines where each region will develop at their own pace and also decide whether to remain in Nigeria or opt out completely through a Referendum as done by the Kurdish people of Iraq.

KangaIye:
Everyone is trying to break away, we still believe in one Nigeria

You and who?


The average Nigerian has not felt many positive govt Impact since birth


Nigeria is just a business center for few elite

SillyMods:
Despite the opposition to it, I still like the way the Kurds went about the referendum for secession without hate speech and threat to kill and violence.

Hope our Igbo brothers can learn something from this.

You must be living in space not to have heard or watch the war going on in Iraq since 3 years.

SillyMods:
Despite the opposition to it, I still like the way the Kurds went about the referendum for secession without hate speech and threat to kill and violence.

Hope our Igbo brothers can learn something from this.

you are a poor student of history

KangaIye:
[s]Everyone is trying to break away, we still believe in one Nigeria[/s]

Who are the we? What is the meaning of One Nigeria? If we are One, we wont need to say it

When will Africa be liberal? Imagine all this wave of referendum in Asia, Europe etc and no soul has been reportedly lost rather legal means where taken, if it's African they will role out tanks given to them by this continents and kill it's people in a "show of force" but I have this massage for Africa, We are almost there were no few occultic people that call themselves Government will dictate for us the way we live and treat each other.

Butterworth:
Thats how sane society functions, try to replicate such in Nigeria, the FG will send armoured cars, tanks and sodiers to shoot civilians.

Kurdish people were able to achieve this because they have autonomous regional government in Iraq.

Thats why sane minds should support a restructured Nigrria along regional lines where each region will develop at their own pace and also decide whether to remain in Nigeria or opt out completely through a Referendum as done by the Kurdish people of Iraq.

Thank you jare.
Wa sere!

The senseless apc government hope is only on Niger delta oil.

Their government is a joke.

the referendum pained turkey ehn

like Kurdistan like Catalonia like Biafran... newest republic loading sekem sekem sekem

ipob should read this..
they claimed that Turkey supported it in its attempt to cecede but look at turkey dtoping anida country from brrakin away ? no country of the world supports seperatist

Butterworth:
Thats how sane society functions, try to replicate such in Nigeria, the FG will send armoured cars, tanks and sodiers to shoot civilians.

Kurdish people were able to achieve this because they have autonomous regional government in Iraq.

Thats why sane minds should support a restructured Nigrria along regional lines where each region will develop at their own pace and also decide whether to remain in Nigeria or opt out completely through a Referendum as done by the Kurdish people of Iraq.

the Iraqi govt actually tried to crackdown on the Kurds but the situation is very delicate ... same thing happened in spain

Butterworth:
Thats how sane society functions, try to replicate such in Nigeria, the FG will send armoured cars, tanks and sodiers to shoot civilians.

Kurdish people were able to achieve this because they have autonomous regional government in Iraq.

Thats why sane minds should support a restructured Nigrria along regional lines where each region will develop at their own pace and also decide whether to remain in Nigeria or opt out completely through a Referendum as done by the Kurdish people of Iraq.

the Iraqi govt actually tried to crackdown on the Kurds but the situation is very delicate ... same thing is happening in spain...

CosmeticChemist:
good news for Nigeria. It will increase the foreign reserve and strengthen the Naira.

It is only temporary. The price will soon fall.

SillyMods:
Despite the opposition to it, I still like the way the Kurds went about the referendum for secession without hate speech and threat to kill and violence.

Hope our Igbo brothers can learn something from this.

Go and buy history text book

Referendum doesn't mean war.

euen kurds...smh

Why are countries afraid of losing its part