Global Energy Center Nonresident Senior Fellow Brenda Shaffer writes for Fox News on how developments in the Middle East will add new volatility to the global price of oil:
The world is used to the Middle East being a source of instability and turmoil. However, the current developments are exceptional, even for the Middle East and most likely will have significant regional and global security ramifications. The developing events will add new volatility to the global oil price.
Currently two real wars are being waged in the Middle East: Above and around Syria, combat planes of both the world’s superpowers—U.S. and Russia– together with those of two regional powers that possess formidable air forces– Turkey and Israel–are flying close to each other with very limited coordination between them.