As Islamist militants continue to wreak havoc across Northern Iraq, the conflict could be hitting your wallet where it counts most. Oil prices are nearing a 9 month high, and we will be paying for it at the pump. Traditionally prices rise more in the summertime anyhow, but this year could be worse than before. So far the oil production has not really been affected by the military conflict being fought internally in Iraq, but producers are speculating that there will be some disruption in the near future. As a result the price per barrel of oil is creeping upwards. This could just be a typical excuse for raising the prices once again, but there really are legitimate security concerns for those living in the regions North of Baghdad.
Tensions In Iraq Could Be Fueling Oil Prices To 9 Month High
The reports of Islamist terrorists attacking the Iraqi army have been the buzz of the Middle East, and more recently the rest of the world has taken notice. The situation seems to be going from bad to worse as the terrorist forces who wish to disrupt normal life in Iraq appear to be growing. The Iraqi army has gained a little ground against the Islamist group, who are supposedly linked to Al-Queda, but their resources and morale are wearing thin. Convoys of Iraqi troops have been lost to ambush attacks, and the loyalist army has been fighting strong pockets of resistance all over the Northern regions.
Countries such as Iran, the United States, and even Australia have all taken notice of the worsening conditions. These countries are currently weighing the cost of providing support for Iraq at a time when they have just recently withdrawn from the country. There have been some reports that Iran has already sent a few thousand of its elite troops into Iraq to help bolster the army’s strength, but the US and Australia are still standing by. There were reports yesterday that the US is sending an aircraft carrier into the Persian Gulf to poise itself to support the Iraqi army, but its exact role has not been announced.
President Obama has been hesitant to commit any troops on the ground for Iraq, after recently pulling all of the troops out of the country a few years ago. Iran’s president has said that their troops would work willingly with the US troops if the situation arises, and this could bode well for nuclear talks with Iran. The joint effort, if it ever happens, would be a promising sign of cooperation between the Islamic Republic of Iran and the United States. Iran’s current president has seen the value in reconnecting ties between the US and Iran, and has worked feverishly to please foreign relations while maintaining ties with the right wingers back home.
Tensions In Iraq Could Be Fueling Oil Prices To 9 Month High.