How can the instablity in the Middle Eastern countries like Iraq cause oil prices to go up in the US?

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asked Jan 10, 2022 2.9k views

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Jack Tileman · Answer 1 · 2022-01-17T13:22:04+0000

Answer:

On Aug. 2, 1990, Saddam Hussein launched the Iraqi invasion of Kuwait, starting the Gulf War. This led to lower oil production, causing a spike in crude oil prices. After the Gulf War, crude oil prices steadily declined, reaching their lowest level since 1973 in 1994.

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How can the instablity in the Middle Eastern countries like Iraq cause oil prices to go up in the US?

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