Oil prices hit by Iraq ISIS crisis

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 regarding supply. 
A loss of Iraqi oil exports may add $40-$50 to crude oil prices internationally, driving fuel prices up by over 40%.