Crude Oil Prices Near $40

Updated from 2:20 p.m. EDT

Crude oil prices jumped, closing at a one-month high Tuesday as traders reacted to the latest disruption of Iraqi exports following the long U.S. holiday weekend.

The benchmark U.S. crude gained $1.26, or 3.3%, to $39.65, continuing a rally that began last Wednesday after prices had touched a three-month low.

Iraqi exports have been cut in half since the weekend, when a major pipeline in the southern part of the country was damaged. It's unclear what caused the damage or when normal operations will be restored. ...