Two of Saudi Arabia’s key oil sites are attacked and its oil production is more than halved but the US$70-75 per barrel of Brent oil barrier holds firm. The U.S. assassinates the most important man in the most volatile regime in the Middle East but the level still holds firm. Iran retaliates with missile attacks against the U.S. base [Ain al-Assad] in Iraq but the cap remains unbreached. The U.S. has gone to great lengths to put a serious lid on the oil price at this US$70-75 per barrel of Brent level for the economic political reasons analysed below, supported by a variety of means also examined below, but retaliatory moves being planned by Iran for the execution of Major General Qassem Soleimani by the U.S. might blow through the cap and even through the key US$100 per barrel of Brent resistance level. The importance of the US$70-75 per […]