By Annika McGinnis WASHINGTON, July 2 (Reuters) - U.S. President Barack Obama discussed Iraq and the violent rise of a Sunni insurgent group there in a telephone call on Wednesday with Saudi Arabian King Abdullah, the White House said. Obama thanked the Saudi King for his $500 million pledge to help Iraqis displaced by an upsurge in violence as militants from the Islamic State of Iraq and the Levant seized provinces in the **rth and west of Iraq, it said in a statement. Abdullah, leader of the world's top oil exporter, vowed last week to act against potential "terrorist threats" that have torn Iraq apart in recent weeks. Three days after ISIL declared itself a caliphate encompassing the entire Muslim world, Obama and Abdullah agreed to consult closely on regional developments, the White House said.