World oil prices bounced back strongly on Monday from 4-month lows as US-led forces met heavy resistance in the campaign in Iraq, dashing hopes for a quick end to the war. Substantial production closures in Nigeria because of ethnic unrest in the Niger Delta also helped spur prices higher.US Light crude jumped $1.15 to $28.06 a barrel, after a 25 per cent fall in the previous week. London’s Brent crude by 11:30 GMT was up $1.25 at $25.62 a barrel.‘‘The oil market has been behaving as if peace has broken out but the level of Iraqi resistance so far suggests the war could drag on with consequences for oil prices,’’ said Adam Sieminski, oil analyst at Deutsche Bank.A speech by Iraq President Saddam Hussein broadcast on Monday helped boost further early buying of oil futures. Despite resistance, US and British forces tightened their grip at the weekend on Iraq’s southern Rumaila oilfields and exporting terminals and began to assess how to restart exports.
