Brent crude looking to top $116 with increasing Iraqi violence

|By:, SA News Editor

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.