No disruption: A file picture showing an Iraqi worker operating valves in the Nihran Bin Omar field. Geopolitical tensions don’t affect the global oil market like they used to. — AP
NEW YORK: A dramatic US drone strike killed Iran’s most important general. Tehran vowed retribution and oil prices jumped almost 5% as traders rushed to cover the risk of a Middle East war. Then the selling started.
It’s a trading pattern that would have been unthinkable a decade ago, but has become increasingly familiar. The threat of conflict loomed over the heart of the global oil market this past week, but the usual panic buying by traders and consumers was met quickly by a wave of US shale drillers grasping the opportunity to lock in prices for future production.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
