Well, in theory anyway.
In reality, crude oil is not exactly free.
Nonetheless, it is dirt cheap!
Which makes it seem like just the right time to start a brand new Middle East War during a raging pandemic!
And it seems that’s exactly what they’re doing too.
From the Washington Post:
April 20, 2020 at 4:35 p.m. EDT
DAMASCUS, Syria — Syrian air defenses have opened fire and shot down several missiles launched by Israeli warplanes Monday night near the central historic town of Palmyra, state media said.
Syrian state TV gave no further details about the attacks saying they are still ongoing.
Israel has in the past used Lebanon’s airspace to launch attacks on Syria and Israeli drones and warplanes were flying over Lebanon earlier Monday. There was no immediate comment from Israel.
Last month, Israeli warplanes fired missiles on the Shayrat air base also in the central province of Homs.
In recent years, Israel has repeatedly carried out airstrikes in Syria against targets belonging to Iran and its regional proxies.
Last week, an Israeli drone fired two missiles at and near an SUV carrying members of Lebanon’s Iran-backed Hezbollah group in Syria close to the border with Lebanon.
It does seem that amidst rapidly filling global crude oil storage, there could be some “fear premium” coming back into the price of oil.
Especially if the Middle East heats up.