No Blood for Oil: How the 1990 Gulf War Doubled Oil Prices
August 2, 1990. One hundred thousand Iraqi soldiers cross the border into Kuwait. Within hours, the small oil-rich country is occupied. Within three months, oil prices double. Chapter 14 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of how a debt dispute between neighbors turned into the biggest oil shock since the 1970s.