Crude prices traded higher on Friday after the US President Barack Obama authorized airstrikes in Iraq, OPEC’s second-largest producer.

Brent futures jumped on the escalated tensions between and the US and EU. In China, the world’s largest oil importer; the nation posted its trade surplus, boosting oil prices. China’s crude oil imports rose 2.1% in July from June to 23.76 million tons.

The North American benchmark West Texas Intermediate (WTI) for September delivery advanced 0.62% to $97.95 per barrel on the New York Mercantile Exchange at the time of writing. While futures for the European benchmark Brent crude for September settlement, jumped 0.75% to $106.24 on the ICE Futures Exchange based in London.
Geopolitical Tensions

On Thursday, the US President Barack Obama said he authorized airstrikes in Iraq to protect US personnel, however the US troops will not return to Iraq. Despite the ongoing crises in the country, oil reserves in the southern region of Iraq remained unaffected.

In other news, Obama called for an extension to the 72-hour truce currently taking place between Gaza Strip and Israel.

Yesterday, Russian President Vladimir Putin imposed a ban on imports from the US and European Union countries in response to the sanctions imposed by the countries. Traders continue to raise concerns and expecting the move could lead to another round of sanctions, which could affect the energy sector.