Egypt: Why the price of oil is a rollercoaster ride

While the Suez Canal remains controlled, the proximity of unrest has markets nervous.

MOSCOW, Russia — Turmoil in the Middle East reliably translates into one thing: turmoil in the global oil price.

As Egypt enters its second week of anti-government protests, the oil price has twice risen above $100, hitting a two-year high. If the unrest continues, it could soar even higher. If the unrest spreads to other countries, then all bets are off.

Egypt is neither a major oil producer nor one of the world’s top energy consumers. So why the concern?


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