Oil prices surged to a nine month high after the Islamist takeover of several towns and cities in Iraq.
Iraq's second biggest city Mosul is considered the gateway for the country's crude oil. Iraq is the second largest producer in the Organisation of the Petroleum Exporting Countries (OPEC).
The Foreign Secretary has been clear on the threat of Isis, but he has ruled out the prospect of any UK military involvement in the crisis.
Iraq’s foreign minister, Hoshyar Zebari, is a natural diplomat. Polite, immaculately dressed, and blessed with a great memory.
Isis has paraded military equipment in Mosul it captured from when the Iraqi army fled in what some see as a "nightmare scenario."