Oil closes 4% higher; Brent crosses $105

Oil drilling rigs

Oil prices rose today, Aug. 29, as political turmoil in Libya and Iraq heightened supply concerns.

International benchmark Brent crude rose 4% to close at $105.09 per barrel. West Texas Intermediate (WTI) crude was up 4.2% to $97.01 a barrel.

The clashes between militias in the Libyan capital left at least 23 people dead, raising fears about more unrest in the OPEC member country, which could put oil shipments again at risk, Bloomberg reported.

Meanwhile, Goldman Sachs said in a note that crude oil has room to rise, especially in light of the shortage of other raw materials for energy, including natural gas.

Separately, the data of the US Department of Energy revealed that oil stocks in the strategic reserve fell in the week ended Aug. 26, to the lowest level since December 1984, as withdrawals from the stockpile continue in order to control fuel prices.

On the other hand, Iran said that negotiations with the United States on the European Union's proposal to revive the nuclear deal will continue until next month.