Global events often affect oil prices so it is false that oil
prices are rarely affected by global events because. An good example of this is
the Gulf War.
To add, The Gulf War , codenamed Operation
Desert Shield for operations leading to the buildup of troops and defense
of Saudi Arabia and Operation Desert in its combat phase, was a war executed
by the alliance forces from 35 nations presided over by the United
States against Iraq in response to Iraq's invasion and annexation of Kuwait.
