Oil prices climbed on Thursday after a rocket attack on Baghdad triggered fresh concern over the potential for conflict in the Middle East, a day after markets were roiled by an Iranian missile strike on Iraqi bases hosting U.S. forces.”The impact on oil prices will depend on (the) extent of supply disruption versus available spare capacity, global oil inventories and reaction to oil price from U.S. producers,” the bank said in a commodities research note. Still, he said, ” our view remains that in the absence of actual losses from conflict with Iran, the market will see mild downward pressure in Q1 on inventory builds.”” We need to be guarded about further sharp declines this week, as we will probably see more activity by proxy militias in Iraq,” said Stratf or oil analyst, Greg Priddy. Still, he said, ” our view remains that in the absence of actual losses from conflict with Iran, the market will see mild downward pressure in Q1 on inventory builds.”