Oil Breaks Consolidation And Heads Higher On Iraq Tensions

 

 

 

Earlier this week, we learned that Iraq is literally falling apart.  An insurgency has captured the northwestern parts of the country, Kurds have seized key cities and now it is reported that Iran is sending in troops to at least help the Maliki Regime.   This is the type of news that sends oil prices higher, which it has.  Oil has been remarkable quiet for the last few years.  But this recent news from the Middle East is severe and adds a disturbing wrinkle to oil's price calculus.