Global Economy Threat from Iraq Crisis

Global Economy Threat from Iraq Crisis

With tensions in Iraq which could lead to civil war threatening to cause oil supply disruption, the value of crude rose this morning. Analysts fear that if violence escalates, it could take 3.5 billion barrels out of the supply chain and push costs up by as much as $20 a barrel ‘very quickly’. Iraq’s oil minister says that supplies are mainly in the south of the country and a well protected. Asian shares closed mostly down on Thursday but so far this morning trading in Europe has been steady. Read the full story.