What will Iraq crisis mean for global oil prices?
Oil prices are now over $115 per barrel for the first time since September
2013, and are likely to remain elevated and volatile in the short term
until the Iraqi crisis is resolved.
While the US remains somewhat isolated from the effects of
the crisis due to increased local supplies of crude oil from
unconventional sources, Europe and Asia remain in a precarious position
A loss of Iraqi oil exports may add $40-$50 to crude oil prices internationally,
driving fuel prices up by over 40%.