Brent crude futures rose $4 after Iraq declared a "force majeure" on oil fields operated by foreign companies.
Iraq becomes the SECOND Middle East country to declare force majeure, joining Qatar which made the same declaration but theirs regarded Liquified Natural Gas.
These failure to deliver declarations of force majeure are already rippling through the global economy and its oil supplies.
Poland had to cut refining because they aren't getting oil deliveries.
England is PLEADING with drivers to stay home and not drive because gasoline inventories are plummeting.
New South Wales, Australia, is suffering an outage of Diesel fuel at 107 gas stations in that state.
"Force majeure" is a contract term that if circumstance beyond the control of the supplier, prevent them from honoring the contract, the supplier is excused from the Contract or from Penalty clauses/Liability in that contract.
