Global markets were understandably frightened in June when a terrorist group so evil that it had been disowned by al Qaeda threatened to topple the government in Baghdad.
Brent crude oil, the global benchmark, spiked to nearly $116 a barrel, as fears rippled about crippled production. If energy prices shot up even more, they could slow global growth by making life more expensive for businesses and consumers alike.
Related: Oil prices spike as Iraq violence flares
The ISIS invasion of Iraq also spoke to broader geopolitical fears in the region, including the ongoing civil war in Syria and violence between Israel and Hamas in Gaza. Investors worried about U.S. troops returning to Iraq en masse or that the country could turn into a haven for terrorists.
While oil prices tumbled as the ISIS march to Baghdad was halted, Wall Street remains concerned about the developments in this volatile region.
