Yes in the past the OPEC nation( saudis) would have backed the US. The US would have given these country
Military support. The OPEC nation would then further support the US by supporting the petro dollar.
What has changed .....
The US support Syria ... . OPEC nation got offended.
OPEC nation did not support the petro dollar (china can now buy oil in RMB).
US open up it oil export.
So KABOOM We have a oil war. but it more then an OIL war, it a war vs he US dollar.
I suspect more unrest will happen in the middle eastern country. This will cut oil supply because "Oil fields" will be taken out by "People" who want the oil price to raise thus supporting the petro dollar.
Hence oil will not raise due to supply and demand .. but attacks on the oil fields.
Oil $47.18US in early trade, page-72
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