$100 oil could be the October surprise no one wanted
CNN
The Middle East is in chaos, and the oil market is remarkably calm about it.
The Middle East is in chaos, and the oil market is remarkably calm about it. Oil prices have climbed, but not dramatically so, even as the world braces for an all-out war in the most critical region on the planet for energy. The chill reaction in the oil market reflects a boy-who-cried-wolf mindset that has set in. Investors, having been burned by prior geopolitical scares that quickly fizzled, have grown numb to the cascade of crises around the world. This time they’re waiting for evidence of actual supply disruptions before bidding up the price of crude oil. Yet experts warn there is still a real risk that the emerging regional war in the Middle East could cause a devastating surge in oil prices that rocks not just the world economy but perhaps the US presidential election, too. “This is going to get worse before it gets better. The story of the village boy who cried wolf did not end well — for the village or the boy,” said Bob McNally, president of consulting firm Rapidan Energy Partners.
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