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. Last Updated: 07/27/2016

Crude Tops $29 on Iraqi Disruption

LONDON -- Crude oil prices rose Monday after an attack on a pipeline carrying Iraqi oil to Turkey choked off the flow from the war-battered country. North Sea Brent crude contracts for September delivery rose 35 cents to $29.16 per barrel on the International Petroleum Exchange. Brent crude is a benchmark for world oil prices.

Iraqi oil exports halted Friday -- only two days after resuming -- when an explosion and fire ripped through the pipeline running from the Iraqi city of Kirkuk to the Turkish terminal at Ceyhan. Iraqi police said the explosion was the result of sabotage.

The pipeline is expected to take between 10 days and four weeks to repair.

Iraq has the world's second-largest proven crude reserves, at 112 billion barrels, but its pipelines, pumping stations and oil reservoirs are dilapidated after more than a decade of neglect.

Before the U.S.-led war halted Iraq's oil production, the country pumped around 2.1 million barrels a day, most of it for export.

After the war, delays in resuming Iraqi exports helped lift oil prices over $30 per barrel.