World Business News

A round up of the latest news for those doing business internationally

Oil price jumps as US considers a move on Iraq

Zone(s): Iraq, World ¦ Sector(s): Finance
[13 June 2014, CITY A.M.] US President Barack Obama said last night that he would not rule out military action in Iraq, as the country descended further into violence following the fall of Mosul and Tikrit to Sunni Islamic insurgents.

The turmoil has been reflected in global markets this week, with Brent crude oil hitting a three-month high of $112 (£66.50) a barrel yesterday and energy companies making gains on fears that the unrest would tighten supply.

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