Oil prices surge to nine month high amid Iraq turmoil

Oil prices surged to a nine month high after the Islamist takeover of several towns and cities in Iraq.

Read: Islamist fighters capture new towns in eastern Iraq

The Iraqi city of Mosul is considered the gateway for the oil producing regions. Credit: Reuters

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).

More: How did hundreds of Islamist militants beat thousands of US-trained Iraqi army soldiers?

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Islamic State leader calls for jihad in audio message

The leader of the Islamic State, formerly Isis, has released the first audiotape calling for jihad since the group renamed. The group is currently battling Iraqi forces across large parts of the country.