1982
“Ugly border skirmishing between Iran and Iraq erupted last week into a full-scale war in the oil fields,” reported “Iranian jets bombed Baghdad while Tehran itself came under aerial attack…. The war threatened the flow of oil from the Persian Gulf—and the well-being of the industrialized world.” While relations among the countries have since cooled, the question of oil—and its prices—remains a big one. With the torrential floods in Libya and supply cuts from Russia, oil prices have significantly increased, increasing inflation and spawning worry on Wall Street.
