25 June 2014
Oil prices hit 2014 highs on Iraq supply fears
Crude prices reached nine-month highs in mid-June as political instability and violence in Iraq stoked fears of supply outages
Brent futures reached 2014-highs of $112 per barrel (/b) on 12 June following violence in Iraq and continued outages in Libya. On 10 June, hundreds of Sunni fighters from the Islamic State in Iraq and the Levant (ISIS) seized control of Iraq’s second city, Mosul. The group then took control of vast swathes of Iraq’s Nineveh province, as well as the city of Tikrit. On 19 June, Brent soared to over $115/b after ISIS seized control of Iraq's biggest oil refinery, the Baiji facility north of Tikrit. The Iraqi government later regained control of the refinery after 24 hours of heavy fighting. However, the situation remains fluid, with heavy fighting continuing as Petroleum Economist went to pre
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
