Middle
East is one of the biggest oil producing areas in the world and there are fears
that if this conflict escalates further, it may hurt global oil supplies and
also pushing the cost of crude oil towards an upward curve.
Sunni Islamist insurgents have
taken control of the Iraqi cities of Mosul and Tikrit. Led by the Islamic State
in Iraq and the Levant (ISIS), the insurgents are believed to be planning to
push further south to the capital, Baghdad.
ISIS is an ultra extremist Sunni Muslim group and its success will deepen the sectarian conflict between Sunnis and Shias that is already the most dangerous fault line in the Middle East.
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