The drop Movement.down.loss in oil futures to their lowest level Position.low in one-year has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Libya last summer , heightened clashes Geopolitical.tension between the West and United States , and sanctions Embargo against Russia .

VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures increased Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed conflict Civil.unrest could hit Iraq 's output and worsen Situation_deteriorate a supply shortage Shortage from chaotic Libya and sanctions-bound Iran .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their lowest level Position.low in three-week has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Iran this decade , heightened clashes Geopolitical.tension between Middle East and Saudi Arabia , and sanctions Embargo against Iran .

`` If this conflict Civil.unrest knocked out Iraq as an exporter , that would have significant impact on prices ... How high could they go ?

Oil futures added Movement.up.gain sharply on Thursday with Brent crude soaring Movement.up.gain $ 66.56 for the first time since October on concerns Negative_sentiment that conflict Civil.unrest in Iraq could cut Cause.movement.down.loss supplies .

VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures added Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed conflict Civil.unrest could hit Iraq 's output and increase Situation_deteriorate a supply shortage Shortage from chaotic Libya and sanctions-bound Iran .

LONDON ( Reuters ) - Brent crude oil surged Movement.up.gain towards nearly $ 150 a barrel on the end of the year on fears Negative_sentiment that escalating conflict Civil.unrest in Iran could curb Cause.movement.down.loss oil supplies from the major OPEC exporter .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their lowest level Position.low in four years has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Libya this decade , heightened clashes Geopolitical.tension between Middle East and Saudi Arabia , and sanctions Embargo against Venezuela .