Inside the Trading Desks that Surfed 12 Days of Oil Market Mayhem
Traders watched with alarm as US jets bombed a major Middle Eastern oil producer. An initial surge in the price of crude turned into a rout as soon as they realized that oil flows would continue unaffected.
The year was 1991, and the US bombing campaign was against Saddam Hussein's Iraq. In just one night, prices collapsed by 30%.
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