'The bet is being made' on $112 crude oil: Pro

As violence escalates in Iraq, the uncertainty surrounding Iraqi exports of oil has sent crude oil futures up 4 percent last week alone.

"I don't know how long this lasts, but the bet is being made that we're going to $112," GRZ Energy's Anthony Grisanti told CNBC's "Fast Money" on Thursday.

Read MoreCrude oil heading to $150 per barrel: Fund manager

"We're talking 3.5 million barrels of oil a day that Iraq exports at this point," he said. "So that's a lot of oil to worry about."

Iraq produces between 3.3 million and 3.6 million barrels per day while it exports 2.6 million. Of the 7 million barrels of oil the U.S. imports daily, the U.S. only imports 300,000 barrels of Iraqi oil. If Islamic insurgents continue their fight towards Baghdad, concerns will continue to rise over the safety of the southern provinces, where the majority of the oil comes from.

By CNBC's Leanne Miller

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