Oil prices soared Thursday to a new nine-month high point on escalating violence in Iraq, as terrorists attacked the major crude producer’s biggest refinery.

Oil prices soared Thursday to a new nine-month high point on escalating violence in Iraq, as terrorists attacked the major crude producer's biggest refinery.

Brent crude for August delivery rallied as high as $114.80 per barrel, reaching a level last seen in September 2013. It later stood at $114.50, up 24 cents from Wednesday's close.

US benchmark West Texas Intermediate for July delivery added 40 cents to $106.37 a barrel.

"Brent crude has strengthened today, supported by the ongoing advance of the Islamist militant insurgency in Iraq," said Inenco analyst Dorian Lucas.