TIME energy

Oil Prices Soar as Iraq Tumbles Into Chaos

The harrowing situation in Iraq meant gains for some U.S. investors in the energy market

As the conflict in Iraq escalates, oil prices are skyrocketing — the benchmark price of Brent Crude oil stood at more than $115 a barrel Wednesday, approaching a nine-month high according to Bloomberg. And some investors are maximizing on short-term business opportunities couched within the rising costs.

Stocks at Chevron, BP and ExxonMobil have reached record highs, in part because higher energy prices translate to larger revenue for producers, and because growing tensions abroad have made U.S.-based production companies more appealing, CNN reports.

So for anyone invested in those oil companies, the turmoil in the Middle East could mean financial success. However, energy experts warn that investors should keep an eye on the potential boomerang effect that often occurs after an energy scare.

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