The current high oil price has little to do with the war in Iraq, that was five years ago, the price of a barrel of oil has doubled in the last twelve months, and has everything to do with commodities traders. Denied the opportunity to make a fast buck in equities, they are now speculating on the short-term future price of oil, investigations are already underway by the regulatory authorities into this practice, although it is difficult to see how they could regulate to stop the market doing what comes naturally.
Don't expect OPEC to come to the rescue by pumping more oil, recent increases in production have had little effect because the current price is based on speculation rather than restriction of supply.
R5