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Recent political instability and violence in Iraq is likely to have a painful knock-on effect on the US economy by disrupting oil production at key fields, experts have told NBC.
Supporters of nationalist cleric Muqtada al-Sadr stormed cabinet HQ and forced the interim government to shut down, while clashes with Iraqi security forces spread violence to oil-rich regions.
“I think ‘evolving’ instability in [Iraq]… will inject greater, more twisted levels of uncertainty into the global economy,” said Heritage Foundation researcher Anthony Kim, while RBC commodities boss Helima Croft fears the situation could endanger oil production by 1mn barrels per day.
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The violence began after powerful Shia religious leader Muqtada al-Sadr announced on Monday that he would resign from Iraqi politics, prompting hundreds of his angry followers to storm the government palace, sparking clashes with security forces
