Thanks to the turmoil in one of the world’s largest oil producers, Iraq, oil prices are rising over the past one week. Brent crude price rose nearly 4% last week to the 10-month high and is currently trading at over $113 per barrel while West Texas Intermediate crude oil is hovering at above $106 per barrel. This has duly turned investors focus to the commodity and the impact of this on the energy sector.
The instability in Iraq was intensified last week when the Sunni Islamist militants, led by the Islamic State of Iraq and the Levant, captured three major northern Iraqi cities - Mosul - the country’s second-largest city, Tikrit, and Baiji - Iraq’s biggest oil refinery, thereby solidifying their grip on the north. The rebels are now moving south to the capital city of Baghdad for seizure…………………………………..Full Article: Source