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

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07-04-2021
Social Studies

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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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21yangalexidn 21yangalexidn · Answer 1 · 2021-04-07T22:54:49-04:00

21yangalexidn 21yangalexidn

07-04-2021

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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