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The "Squawk on the Street" crew eyes the developments in the oil market and Iraq as the Islamic State of Iraq and al-Sham (ISIS) gains ground.
*IEA plays down risk of sudden Iraq export hit. LONDON, June 13- Brent crude oil pared gains but remained above $113 a barrel on Friday on easing concerns that an insurgency in Iraq would trigger a sudden and significant halt in its oil exports. "The market in general is trying to assess the risks on Iraq.
Discussing the biggest concerns for oil exports from Iraq, and where the price of oil could move as the Islamic State of Iraq and al-Sham (ISIS) gain ground, with Matt Smith, Schneider Electric.
Discussing the likelihood of Iraqi Kurdistan becoming independent, and what the Iraqis need from the White House, with Douglas Ollivant, New America Foundation. "What the Iraqis really want is F-16, F-15 strikes that can really destroy these insurgents in detail," he explains, "but this would risk a U.S. pilot getting on the ground in Iraq."
CNBC's Michelle Caruso-Cabrera provides an update on the fighting in Iraq, and just how close the rebels are to where oil production takes place. The Kurdistan region wants to be independent, and have wanted to export their own oil for a long time, Caruso-Cabrera explains.
*IEA warns of need for more OPEC oil. *OPEC says oil markets will be balanced with ample supply. LONDON, June 13- Brent crude oil hit a nine-month high near $115 a barrel on Friday as the United States threatened military action against Islamist militants who have taken towns and cities in Iraq, raising concerns over its oil exports.
Neil Atkinson, head of analysis at Lloyd's List Intelligence, says a "severe escalation" of the violence in Iraq could see oil prices push above $120 a barrel.
*Obama warns of U.S. action as jihadists push on Baghdad. SINGAPORE, June 13- Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad.
The outbreak of violence in Iraq in recent weeks has “rekindled market concerns,” according to the International Energy Agency.
*Obama warns of U.S. action as jihadists push on Baghdad. SINGAPORE, June 13- Brent crude climbed to a nine-month high near $114 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad.
*Obama warns of U.S. action as jihadists push on Baghdad. SINGAPORE, June 13- Brent futures rose towards $114 a barrel on Friday and hit a nine-month high, as supply disruption fears took centre stage with the United States threatening military action in Iraq as Sunni Islamist militants push on towards Baghdad.
Crude climbed to a nine-month high on Friday, as supply disruption fears took center stage.
SINGAPORE, June 13- U.S. crude futures rose by more than a dollar on Friday to the highest in nearly nine months amid upheaval in Iraq that threatens to disrupt supply from the second biggest OPEC producer.
Iraq has become an important swing player with big promise in the global energy market, and the widening conflict there has oil experts worried.
Dennis Gartman of the Gartman Letter discusses the impact geopolitical issues will have on oil and gas in the short and long term.
As tensions in Iraq heighten, James Jeffrey, former U.S. Ambassador to Iraq, says the Iranians will not be able to take the ISIS on without U.S. air power.
*Brent spikes over $113 on Iraq supply worries; US over $106. NEW YORK, June 12- Oil prices jumped to nine-month highs on Thursday, as concerns mounted that escalating violence in Iraq could disrupt oil supplies from the second-largest OPEC producer.
CNBC's Eamon Javers provides insight to President Obama's openness to military action in Iraq.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Iraq makes traders nervous and drives oil prices higher. Gold was up on the day and nat gas spiked on weak inventory numbers.
Discussing how rising geopolitical tensions in Iraq could affect consumers and retail sales, with Heather Hughes, SunAmerica Funds; Erik Ristuben, Russell Investments; Jim Lowell, Advisor Investments; and Peter Andersen, Congress Wealth Management.