OGJ Editorial: War and the oil market

War in the Middle East and economic paralysis in Venezuela give the oil market reason to worry-but not panic. Embargo threats by outraged exporters should be less troubling.Violence between Jews and Palestinians in Israel has escalated to crisis levels and added a fear premium to the price of crude oil. But three recent developments raise hope for peace and relaxation of the market's tension.One important development is diplomatic engagement by the US. Although odds don't favor quick success, to not make the effort would be intolerable. Jews and Palestinians are slaughtering one another. The world, meaning the US, must respond. And active engagement moves the US away from a positi...

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