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Oil Prices Surge Amid Iraq Crisis

The ISIL, a militant insurgent group is taking over territory in Iraq. Obama did not announce any US involvement today, but many would say he came close to it, or that he should be more proactive. 

Meanwhile, oil prices are surging. WTI crude oil was consolidating just under 105 since March. This week, after the ISIL captured the city of Mosul, WTI rallied above 107. 

(wti crude oil, daily chart, 6/13)

This opens up the highs from 2012 and 2013 in the 110-112 area, and even the 114.81 high in 2011. At this point only a break below 102.50 should put away this bullish outlook. Also monitor the 105 area, which could turn into a key support area, if the bullish continuation outlook develops,