The Oil Markets Should Worry about Syria More than Anyone Else
Oil markets have been swinging around on the back of the Israel-Palestine conflict.
Oil bulls are watching the wrong war. Forget Arab-Israeli antics, itís the continuing deterioration in Syria and the prospect of regional quagmire, that poses far greater threats to Middle East oil supplies.
On one side, Saudi Arabia, Qatar and Libya all want Assad gone, providing splintered opposition groups with cash and arms to keep pressure on Damascas. While Iran (and a deeply pernicious Russia), continues to directly support the Assad regime.
Saudi Arabia and Qatar are more than happy to spin the conflict into a Sunni-Shia issue, directly pitting Gulf Monarchies against the regional influence of Iran.
The whole of the Middle East seems ready to implode. There is enough friction between most countries that if it were to kick in one area I think we would see a ripple effect moving outwards and witness most of the factions turn on each other.
Recent advances in the Syria seem to suggest that things are getting worse. Syrian civilians have fled to TUrkey to escape Assad's jets who began to bomb populated areas close to the border in retaliation to rebels having captured a hydoelectric dam after several days of vicious fighting.
Turkish anti-aircraft guns retaliated, and now NATO is looking to deploy Patriot missile systems along the border to deter any more attacks.
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