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Update: Obama to deliver statement on Iraq at 1:15 pm ET

This story is developing. Please check back for further updates.

President Barack Obama will meet with members of his national security team and will deliver at statement on the situation in Iraq at 1:15 pm ET. CNBC.com will be streaming this event live.

The situation in Iraq continues to worsen as Sunni militias—spearheaded by the Islamic State of Iraq and al-Sham (ISIS)—have seized broad swaths of the country, including Iraq's second-largest city. Shiite fighters and Iranian troops have reportedly mobilized from the country's south and east to fight the insurgency, leading many experts to project a protracted and bloody sectarian war.

Reports from Wednesday said that Obama had moved away from considering imminent air strikes in Iraq, and last week the president said that he would not be sending ground troops to fight the insurgents. The U.S. did, however, deploy up to 275 troops to protect embassy staff and other U.S. personnel.

More from CNBC.com on Iraq:

How the US lost billions of dollars in Iraq
Iraq bondholders eye default risk as conflict rages
Iraq asks United States for air support to counter rebels

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