Seeking Alpha

Brent crude looking to top $116 with increasing Iraqi violence

  • Before the escalating violence in Iraq, brent crude was expected by many Wall Street analysts to rise to an average of as much as $116 a barrel by the end of the year. Brent crude rose above $114 on June 13 for the first time in nine months, and is now expected to top previous estimates.
  • Interrupted repairs to damaged pipelines and the possibility of civil war threatens Iraqi crude supply.
  • The country is OPEC's second largest producer, and is forecast to provide 60% of the group’s growth through 2020.
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