It will take months before Iraq can employ its new American-made combat jets against the jihadists that now threaten Baghdad.
Iran is considering transferring even more soldiers to Iraq if the offensive fails.
John Boehner slammed the president, accusing him of "taking a nap" on the Iraq crisis.
Here are four ways the crisis in Iraq could escalate.
OPEC, the group of major oil-producing countries, tried to allay concerns that oil output would not be enough to meet rising global demand in the second half of this year.
On Wednesday, ISIL seized the city of Tikrit, which is the home town of Saddam Hussein and is located about 87 miles from Baghdad.
The U.S. is considering options that include possibly providing "kinetic support" for the Iraqi military.
ISIS took control of Tikrit, the hometown of former Iraqi leader Saddam Hussein, and closed in on Iraq's largest oil refinery.
The radical group's capture of Mosul has turned it, in effect, into a new Sunni state.
Well-funded and on the rise, although not necessarily linked to al-Qaeda, ISIS is expanding and taking over chunks of Iraq and Syria.
Non-OPEC oil supply is expected to tail off in a few years, and then OPEC supply will be needed.
The terror organization has looted 500 billion Iraqi dinars ($429M) from Mosul's central bank, according to the regional governor.
The Turkish Foreign Ministry has yet to confirm the reports, which said the diplomats were taken to the ISIS' Mosul headquarters.
The advance on Baiji comes a day after the Islamic State of Iraq and the Levant took control of Mosul.
The White House reportedly called on Iraqi leaders, including the prime minister, to take responsibility and "step up to the plate."
The Islamic State of Iraq and Syria, a Sunni militant group, has gained control of Iraq's second city.
Jihadists gained control of five areas west of the city of Kirkuk in Iraq.
Iraqi police officers and soldiers abandoned Mosul, leaving their weapons, vehicles and uniforms behind for Sunni militants.
In her new memoir, "Hard Choices," the former Secretary of State's views seem prescient on Russia, Syria and Egypt.
Lower production in Libya could topple the Middle Eastern cartel's "sweet spot" price and output target.
The U.S. government said Iran is cooperating with the international community to roll back its controversial nuclear program.
Car bombs explode across Baghdad, killing more than 60 people.