ICE Brent managed to break back above US$80/bbl yesterday, settling more than 1.3% higher on the day. Supply concerns appear to have driven the strength after a deadly earthquake hit Turkey and Syria. Pipeline infrastructure which carries both Iraqi and Azerbaijani crude oil to the Ceyhan terminal in Turkey passes through the region hit by the earthquake. The Ceyhan oil terminal has reportedly been shut as a result, and whilst there has been no damage reported to pipelines, flows from at least Iraq appear to have been halted as a precaution. Exports of Azerbaijani and Iraqi crude oil via the Ceyhan oil terminal have ... (full story)