Brent crude surged to its highest in more than two years as Turkey threatened to shut down Kurdish oil shipments through its territory.Futures climbed 3.8 percent in London, and the US benchmark rose to the highest since April. Turkey can choose to “close the valves” on oil exports from Kurdistan, Turkish President Recep Tayyip Erdogan said as the Iraqi region holds an independence referendum.

Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.Futures rose 5.1 percent this week in New York, settling just below the 50-dollar-a-barrel threshold that’s kept the industry in thrall.

Oil headed for a second weekly gain on forecasts for accelerating crude demand and as US Gulf Coast refineries continued to recover from Hurricane Harvey.Futures were little changed in New York, up 4.8 percent for the week, after trading Thursday above 50 dollars for the first time in five weeks and closing at the highest since July.

The UN Security Council has unanimously adopted new sanctions on North Korea, including restrictions on oil shipments, to punish Pyongyang for its sixth and largest nuclear test.But Washington toned down its initial proposals to secure backing from China and Russia.Here are some key questions on UNSC resolution 2375, and its attempt to end the North's nuclear weapons and missile programmes.What impact will the oil measures have?The new resolution ends natural gas shipments to North Korea

Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market.State-owned Saudi Arabian Oil, known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said Monday in an emailed statement.