From the first spark of Middle East unrest in Tunisia in December until the violent suppression of protests in Libya in late February, the price of a barrel of crude oil rose from $88 a barrel to more than $100. But rising demand – from oil-hungry China and other fast-growing nations – was pushing prices up even before the turmoil. How much prices rise depends largely on whether supplies flow unimpeded from the Middle East. Here’s a rundown on oil supply-price issues affecting the US.
Oil prices slipped to around $97 a barrel as fears eased on Libyan supply cuts. Saudi Arabia signals it could boost supplies to contain surge in oil prices.
A first-year midshipman, or plebe, is splashed with mud while participating in Sea Trials at the US Naval Academy in Annapolis, Md., May 15, 2012. Sea Trials, modeled after the Marine Corps' Crucible and the Navy's Battle Stations recruit programs, is an annual capstone event for fourth-class midshipmen and serves as a leadership challenge for upper-class midshipmen, who lead each activity during the exercise.
Iran warships: Israel has made clear it views the passage as a provocation. Israeli officials refused to comment Tuesday, though earlier this week Prime Minister Benjamin Netanyahu said he viewed the move 'with gravity.'
Two Iranian naval ships are set to pass through the Suez Canal for the first time since Iran's 1979 Islamic revolution. 'Israel views this Iranian step gravely,' said Prime Minister Benjamin Netanyahu.
Stock rally: NYSE and Nasdaq see advancing stocks outnumber declining ones while S&P 500 doubles in record time. Dip in stock rally causes investors to buy into market leaders.
Unlike his iconic predecessors Anwar Sadat and Gamal Abdel Nasser, who left clear imprints on Egypt, Hosni Mubarak will probably be remembered more for unfulfilled expectations.