Iraq has become an important swing player with big promise in the global energy market, and the widening conflict has experts worried any supply disruptions could lead to a sharp oil price spike.
That worry and concern about a wider sectarian conflict drove oil prices higher Thursday, weighed on stocks and sent buyers into bonds.
Brent futures rallied more than 3 percent, to $113.02 a barrel, the highest price since Sept. 9. WTI rose $2.13, to $106.53 per barrel. Gasoline futures jumped $0.8, to $3.08 per gallon.