The attack also reduces the possibility of a renewed nuclear deal with Iran (or something like it) and to the resumption of significant Iranian oil exports, which would have tended to reduce the price of oil
Trader Peter Tuchman works on the floor of the New York Stock Exchange on September 16. The Dow was down over 130 points as investors reacted to a weekend drone attack on a Saudi oil field. Photo: Spencer Platt/Getty Images Oil prices were up more than 12 percent on Monday and stocks fell for the first time in nine trading days after a missile attack on a major Saudi oil-processing facility knocked about half that country’s production capacity offline.
The attack also reduces the likelihood of a positive risk that had appeared to be on the table until a few days ago: If the thaw in the Trump administration’s position toward Iran had persisted, that could have eventually led to a renewed nuclear deal with Iran and to the resumption of significant Iranian oil exports, which would have tended to reduce the price of oil.
Other countervailing factors give us reason to think global oil-supply disruptions might not affect the U.S. economy as much as you would expect. The U.S. now produces about the same amount of oil we consume, unlike in prior decades when we were heavily dependent on oil imports. So while higher oil prices mean painful gasoline price increases for consumers, they also mean job creation and higher income in oil-producing regions of the country.
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