The price of oil jumped to above $106 a barrel Thursday as an insurgency in Iraq raised the risk of disruptions to supplies at a time when other major crude-producing countries are already pumping near capacity.

The al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad.

One of those two cities, Mosul, lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at over 3 million barrels a day, it adds to concerns over security and the country’s plans to expand oil production.

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