The link between war and oil prices is not hypothetical. When oil prices go down, instability increases in oil-dependent countries such as Venezuela and Russia. Conversely, when conflict breaks out in countries with considerable oil assets—whether Nigeria or Kuwait—the price of oil shoots up as markets anticipate a contraction in supply. (The price of oil even got a small bump when Trump ordered the April missile strike on Syria.) “There is a close correlation between oil prices and conflict,” explains Michael Klare, professor of peace and world security studies at Hampshire College. Exhibit A
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