The new geopolitics of crude oil

…Last week was a defining moment in international relations. West Texas and North Sea Brent crude oil, the world


Geopolitical supply shocks have added a risk premium to crude oil prices ever since the fall of the Saddam Hussein regime in Iraq. Terrorist attacks against pipelines and oil storage depots in Basra and the Saudi oil export terminals of Yanbu and Dhahran, secessionist sabotage in the Niger Delta, Venezuelan intransigence in Latin America, Israel