Crude Oil Rises as Iraq Violence Raises Concern About Exports

“Without hearing anything positive out of Iraq, the (oil) market is going to keep charging on, so I would fully expect $50 (oil) on short notice,” Ed Silliere, vice president of risk management at Energy Merchant LLC in New York, which markets wholesale gasoline and heating oil, said in an interview. “There is a strong an insurgency going on right now, and if that gains a foothold we could be in for a long slog here.’

Bloomberg