"Energy Crunch" back as front-page headline.

CityAM front page headline: “Fears of a disruptive energy price spike grew yesterday as conflict escalated in Iraq and Ukraine’s gas supplies from Russia were abruptly cut off.”
“Experts warned that growing geopolitical risk could send oil and gas prices sharply upwards, prompting a more severe market reaction and even a slowdown in the global economic recovery.
The US showed signs of being drawn further into Iraq last night, with President Obama sending in 275 troops to “provide support and security for US personnel and the US Embassy in Baghdad” as jihadist fighters from the Islamic State of Iraq and Syria (Isis) approach the capital.
Brent Crude rose by 0.52 per cent yesterday to just below $113 per barrel, a $5 increase from earlier in the month. More than half of the rise in Brent Crude’s price since this time last year has come in the last week.
“Events in Iraq threaten higher oil prices. Brent oil prices breaking above $125 per barrel in 2008, 2011 and 2012 helped trigger corrections in risk assets,” said an analyst at Bank of America Merrill Lynch.
Julian Jessop of Capital Economics added: “Global oil prices spiked above $120 both in early 2011 and 2012 and it was no coincidence that, on both occasions, the recovery in the world economy subsequently faltered.”