Iraqi violence leads to oil price increase

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Iraqi violence leads to oil price increase

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European stock markets have remained steady on Wednesday.

They’ve been near last week’s multi-year highs helped by shares in major energy companies.

Many investors have held off as the US Federal Reserve’s two day meeting ends on Wednesday.

Meanwhile, the ongoing violence in Iraq, OPEC’s second biggest producer, has lead to an increase in oil prices.

Brent crude oil rose to over 114 dollars a barrel as Iraq’s biggest refinery came under attack. This is around six dollars more than at the beginning of the year.

This caused an increase in the share prices of Royal Dutch Shell, BP and Total.