(Image credit: Wikimedia Commons 18:57 June 11 2014)
CNN is reporting that ISIS (the Al Qaeda breakoff group that seized Mozul, Iraq yesterday) has gained "nearly complete control of the Northern city of Tikrit" - Parts of the town of Baiji have reportedly been seized as well - this is the site of the largest oil refinery in Iraw. At the moment the Baiji Oil Refinery is reportedly still under Iraqi military control but seizure of the town raises both international relations issues and supply concerns. If militants seize the refinery expect to see chaos in the markets.
You can follow the story in depth on Reuters here: http://www.reuters.com/article/2014/06/11/us-iraq-security-idUSKBN0EM11U20140611