The hike in the oil price is due to the very strong world economy especially in the USA, China and India and a number of South American coys. Iraq is a relatively minor influence.
Are you an investor in the sharemarket? If you are, you surely must be aware of the significant influence the above countries/regions have had on the price of oil over the last few years, together with falling US$.
Oh! And I forgot Chavez in Venezuela and difficulties in some African countries eg Nigeria.
