It would be wise for investors not to panic over oil, and wait and see how the situation in Iraq develops, former BP CEO John Browne said Monday.
"The United States has done a superb job of bringing on more sources of oil, so there are more choices in the market, which I think is demonstrated by the fact that prices haven't gone up that much so far," Browne said in an interview with CNBC's "Power Lunch."
Oil prices floated near nine-month highs on Monday as the violence escalated in Iraq. Jihadists solidified their grip on the north after seizing a mainly ethnic Turkmen city on Sunday. However, the Iraqi government said it has stopped the group's advance on Baghdad.