Iraq supplies about 14% of total OPEC production. A conflict in the north of the country had an immediate impact on oil markets. The fear of disruptions in supply sent Brent crude 1.7% higher to September, 28 highs at $57.90 for a barrel in the morning. The commodity is unstoppable and is nearing September, 22 highs at $58.40.
Another positive factor for oil is US unilateral potential sanctions against Iran. Given the current there are good chances the benchmark will break the $60 round figure till the end of the year.