Iraq’s Civil War Threatens Structure Of Global Energy Supply For Years -- Ambrose Evans-Pritchard, The Telegraph
Brent crude jumped above $113 a barrel as the Islamic State of Iraq and the Levant raced towards Baghdad
Spectacular advances by Jihadi forces across northern Iraq have raised the spectre of a Sunni-Shia conflagration in the heart of the Middle East, triggering a surge in oil prices and throwing into doubt the structure of global energy supply for the next decade.
Brent crude jumped above $113 a barrel as the self-described Islamic State of Iraq and the Levant (ISIL) raced down the Tigris Valley towards Baghdad with sophisticated weaponry, seizing on its momentum after the historic capture of Mosul. Oil prices are approaching levels last seen during the Arab Spring.
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My Comment: In short .... if the Iraq civil war continues to escalate .... expect the surge in prices for oil and gas to last for years.
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