The Islamic State of Iraq and the Levant (ISIL) has suffered several devastating defeats across Syria and Iraq this year, making 2016 one of the worst years in the terrorist group’s history.
ISIL’s recent military losses in Syria and Iraq have now taken a toll on the economic climate in the self-proclaimed “Caliphate”, hiking the price of an oil barrel by $4 respectively.
According to social media activists from the Syrian Opposition, the recent hike in the Islamic State’s oil prices is a direct result of their military defeats.
The recent offensives by the Syrian Arab Army (SAA) and Iraq Army have resulted in ISIL losing several important roadways that were used to transport their oil to cities like Mosul and Raqqa City.
Making matters worse for the terrorist organization, the Syrian Arab Army has just cutoff ISIL’s most important oil transport routes in the Deir Ezzor and Homs governorates.
ISIL’s oil trade will likely take a much large hit if the Syrian Armed Forces capture the key city of Palmyra (Tadmur), which has been under their control for almost one year.