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Lurion De Mello, Senior Lecturer in Finance, Macquarie University

As renewed chaos grips the oil market, one country is keeping global prices down – by reducing demand

Oil China Middle East Aramco Australia Saudi Arabia United States
Cheng Xin/Getty

Oil markets are in turmoil amid renewed tensions in the Middle East. Prices have risen past US$100 (A$140) a barrel for the first time since May.

The biggest trigger is the bombing of Saudi Arabia’s crucial East-West pipeline. The pipeline acted as a release valve for Saudi exports blocked from passing through the Strait of Hormuz.

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