Riyadh terrorist attacks spawn new price risk premium

There is a new risk premium for oil prices: the threat of terrorist attacks in Saudi Arabia. Like the risk premium posed by the then-impending war in Iraq, this new one has little to do with actual physical shortages of oil. But the implicit, continuing threat to the kingdom's oil supply, coming in the wake of the May 12 terrorist bombings in Riyadh, will linger.In the weeks and months to come, every rumor or report of possible or actual terrorist attacks in Saudi Arabia—especially those targeting oil export facilities—will add upward pressure to oil prices even as the physical market tightness is expected to ease.And there are signs that oil supply actually will be less a...

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