Oil prices rose by more than a dollar per barrel on Thursday due to supply disruptions in Libya and planned output cuts in Iraq, raising concerns about tighter global supplies. Brent crude increased by $1.29 (1.6%) to $79.94 a barrel, while U.S. West Texas Intermediate (WTI) rose $1.39 (1.9%) to $75.91 a barrel. More than half of Libya’s oil production, about 700,000 barrels per day, was offline due to a political standoff. Giovanni Staunovo from UBS said this could lead to a “tighter Atlantic basin.” Aline Carnizelo from Frontier Commodities warned that Libya’s offline production could reach 1 million barrels per day, with recovery unlikely before October. Iraq also plans to cut its oil output in September to between 3.85 million and 3.9 million barrels per day to meet OPEC quotas. Expectations of U.S. interest rate cuts also supported prices, with Atlanta Fed President Raphael Bostic suggesting it may be time for cuts, which shifted attention away from weak demand signs.