As oil tankers burn in the gulf, investors focus on trade war

For bulls and bears with long memories, the oil market may seem a lot like 1991.

Nearly three decades ago, US forces had just launched the “Desert Storm” operation to liberate Kuwait from Iraq, and oil tankers navigating the region were fearful of retaliatory attacks from Saddam Hussein’s forces. At the same time, the global economy was slowing down and U.S. crude inventories were starting to pile up.

The situation in the Middle East today feels like a deja vu.