With the continuing violence in Iraq, the price of oil hit a nine month high this morning, following President Obama’s warning the US would consider military action. Although the International Energy Agency says there does not seem to be any risk to supplies from Iraq at the moment, the markets are nervous. The IEA have predicted that OPEC would need to produce more oil in the second half of this year, although OPEC has said they are already producing enough and that global stocks are at a good level. The price of a barrel of Brent crude reached just under $115 as markets opened this morning in Europe. Read the full story.