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Gas Prices Up as Mideast Turmoil Threatens US Economy

iStock/Thinkstock(NEW YORK) -- U.S. motorists are already paying more for gasoline as the turmoil in Iraq spreads.  And prices may continue to rise in the coming weeks.

West Texas Crude reached $107 a barrel Monday morning on futures markets.

Iraq is the world’s second largest oil producer but output has fallen this year. The main pipeline from Iraq to Turkey has been closed since March because of the insurgency. The Islamic State of Iraq and the Levant (ISIS) surrounded the large Baiji refinery, which is responsible for domestic production.

Large Shiite-controlled oilfields in southern Iraq are not threatened by the Sunni insurgency, but the fighting has led to jitters on financial markets.

Copyright 2014 ABC News Radio

ABC News Radio