Iraq’s largest oil refinery was attacked by insurgents yesterday prompting crude oil prices to tremble close to a 52-week high.
Video footage appeared to show smoke rising from the Baiji oil refinery as ISIS militants crept closer to the capital Baghdad.
Iraq’s army claimed it drove off the attackers however conflicting reports suggested a large part of the refinery had been seized, reported the BBC.
Prices wavered around around $106.36 per barrel yesterday morning, according to Money Morning.
Commentator Dan Dicker was surprised Brent crude oil prices didn’t rise significantly on the news, suggesting this showed “complacency”, reported Bloomberg.
The expert who is president of MercBloc also predicted the Iraq unrest could push oil prices up to $130 a barrel.