The global oil market lost more supply on Saturday than on any single day in its recorded history. As soon as the markets opened, prices spiked more in one day than at any time since 1991. All of this from a single attack by the Islamic Republic of Iran on Saudi Arabia’s main oil processing facilities. This is a stark reminder that the United States cannot afford to ignore the security of the Gulf and its shipping lanes despite America’s newfound status as an energy superpower.
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