Could the latest tanker incident in the Middle East cause a military conflict? And do oil markets even care?
after four tankers sustained minor damage from explosions of what were probably limpet mines in the Persian Gulf.on news of the tanker explosions. Both Brent and WTI rose as much as 4% before retreating. Though this price jump may seem significant, it is actually less than the drop in oil prices seen just the day before, when prices fell based on newfrom the EIA showing higher oil inventories in the United States.
But in 1898, an American warship, the USS Maine, exploded in Havana Harbor, precipitating a long-anticipated war between the United States and Spain. The war was deadly and had major consequences to the U.S., Spain, the Philippines, the Caribbean and other. Yet, 78 years later, the U.S. Navy determined that the explosion on the Maine was likely caused by internal problems, not sabotage. The lesson is that is it important to be cautious when war is a possibility.
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