Kerry: Expect 'timely decisions' from Obama on Iraq

U.S. Secretary of State John Kerry said on Friday he expects President Barack Obama to make "timely decisions" on Iraq due to gravity of the situation.

"Given the gravity of the situation, I would anticipate timely decisions from the president regarding the challenge," Kerry told reporters at a news conference with British Foreign Minister William Hague.

Read MoreOil spike fears rise

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

Click here for the latest on the markets.