"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.
"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