When they got you over barrel — what are you gonna do? You pull up, and you pay their latest price … petro, you gotta have it. The turmoil in Iraq pushed up U.S. and world oil prices about 4% this week . The U.S. benchmark crude oil, West Texas Intermediate, closed at $106.91 a barrel, up 38 cents on Friday. Brent, the international benchmark, rose 31 cents to $113.41.The IEA [International Energy Agency] has forecast that Iraq, which has the world’s fifth-largest proven oil reserves, would account for 60% of production growth from the Organization of Petroleum Exporting Countries for the rest of this decade. Iraq , now producing about 3.3 million barrels a day, has become OPEC’s second-largest producer , after Saudi Arabia. Even if the fighting stays in Iraq’s north, the IEA sees an […]