The global oil market was spooked by ISIS’ initial advance

As usual.. the oil thing is a major force in world events.. also in regard to ISIS.. and why they get so much attention..
Their killings in the Mid-east are just an excuse for intervention…

And Iraq still has the 5th biggest oil reserves in the world.. the markets are diving…

Iraq is home to the fifth-largest oil deposits in the world, and currently produces about 4 percent of global oil supply. So far, the ISIS conflict has yet to disrupt the big oil-producing areas in northeast and southeast Iraq. But nonetheless, oil markets are a little concrned.

As Brad Plumer points out, the Brent crude oil price — a good metric for global prices — hit the highest levels they had seen since September 2013 in June 2014, when ISIS took Mosul and the current crisis really took off. But since then, the price has regularly declined, indicating a distinct decline in ISIS panic.

(..) Interestingly, the fighting did spread to Kurdistan in August, but oil markets didn’t panic, suggesting that they never really believed ISIS would threaten the major oil-producing parts of the region. ISIS has since been pushed back from some of those gains, but depending on how the conflict goes and where in Iraq it spreads to, its effect on global oil prices could change dramatically.



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