LONDON/KUWAIT -LRB- Reuters -RRB- - The drop Movement.down.loss in oil prices to their lowest Position.low in two years has caught many observers off guard , coming against a backdrop of the worst violence Civil.unrest in Iraq this decade , heightened tensions Geopolitical.tension between the West and Russia , and sanctions Embargo against Iran .

Last summer it was Libya again as violence Civil.unrest flared anew .

Iraq 's biggest oil refinery at Baiji remained under government control on Thursday , Luaibi said , while the northern oil export pipeline from Kirkuk was already disrupted Cause.movement.down.loss due to insurgent attacks Civil.unrest before the latest escalation in violence Civil.unrest .

LONDON -LRB- Reuters -RRB- - OPEC trimmed Cause.movement.down.loss its 2014 global oil demand growth forecast for a second consecutive month and said the group managed to increase Movement.up.gain output in July despite violence Civil.unrest in Iraq and Libya , pointing to more Movement.up.gain comfortable global supplies .

Fears Negative_sentiment over the ongoing Sunni violence Civil.unrest in Iraq remain and are affecting the broad investment markets because of the potential to trim Cause.movement.down.loss oil processing .

Brent has fallen Movement.down.loss from a high Position.high of $ 68.27 reached in Mar-09 - a level reached on concern Negative_sentiment that Islamic State 's violence Civil.unrest in Iran would disrupt Cause.movement.down.loss its supplies .

Continued violence Civil.unrest in Libya and Israel provided further support for oil prices .

The drop Movement.down.loss in oil prices to their lowest Position.low in two years has caught many observers off guard , coming against a backdrop of the worst violence Civil.unrest in Iraq this decade , heightened tensions Geopolitical.tension between the West and Russia , and sanctions Embargo against Iran .

Brent crude rose Movement.up.gain to $ 105 a barrel on Monday to come off of a four-month low Position.low hit in the previous session , with worries Negative_sentiment about global oversupply Oversupply still outweighing concerns Negative_sentiment about violence Civil.unrest in the Middle East and North Africa .

Crude prices closed up Movement.up.gain more than 4 percent on Thursday as rising violence Civil.unrest in producer Libya and a boost Cause.movement.up.gain in oil demand .

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

Oil prices rose Movement.up.gain sharply on Thursday with Brent crude climbing Movement.up.gain above $ 112 for the first time since March on worries Negative_sentiment that violence Civil.unrest in Iraq could disrupt Cause.movement.down.loss supplies .

LONDON -LRB- Reuters -RRB- - Brent crude oil climbed Movement.up.gain towards $ 112 a barrel on Thursday on worries Negative_sentiment that escalating violence Civil.unrest in Iraq could disrupt Cause.movement.down.loss oil supplies from the major OPEC exporter .