IDF Commemorative Tweet Accidentally Sends Oil Prices Soaring
Commemoration of the 1973 Yom Kippur War and attack on Syrian airports mistaken for current news, sets off oil buying rally
A twitter message sent out by the Israel Defense Forces commemorating the Israeli bombing raid during the Yom Kippur War forty years ago spooked oil traders Thursday, artificially inflating prices.
The tweet mentioned the Israeli bombing raids on Syrian airports to stop Soviet weapons transfers and was hashtagged with an obvious #YomKippur73, intended to make it clear for the readers that this was simply part of a series of messages by the IDF commemorating the war.
Although its intent seems comprehensible enough, the tweet had quite a larger effect than was initially intended.
International traders and brokers misconstrued the tweet as subtle evidence pointing to the verity that oil supply would soon become a sparse commodity. A buying frenzy then began, sending the cost from $110.40 a barrel to $111.50, according to Reuters.
Prices in the US also ballooned by over a dollar taking the price up to $103, galvanized by this tweet and other corroborating newss stories out of the Middle East and D.C.
John Kilduff, a founding partner of hedge fund Again Capital, said he saw the news online without the explanatory hashtag, making this look like a fresh attack, according to Times of Israel.
"There was confusion on that tweet and it got bandied about as a new attack," he said.
The IDF maintains it’s belief that the confusion is unwarranted.
"Obviously this was part of our Yom Kippur Twitter series. The facts are there and simple to read. It was apparent within the tweet itself," said IDF Spokesperson Peter Lerner.
Prices did not go any lower once traders realized their blunder; in fact, prices actually rose initially early in the morning on the news that Libya’s prime minister had been kidnapped. The price eventually closed at $111.80, up $2.74 for the day.
The actual Yom Kippur War, which took place in 1973, actually did send oil costs surging as well, in reaction to the United States decision to shore up Israel’s military.
Israeli religious services will use Waze to guide believers to the Holy Places
A total of 162 Israeli companies have raised the highest quarterly amount from local and foreign investors since 2000
Award winning startup, formerly led by Naftali Bennett, is purchased by Asurion Corporation
Last month, the Carmel Mountain tunnels were shut down, which experts now say was a result of a clever hacker attack
IDF Major Peter Lerner's tweet received a response from Hamas, to which he replied, though he insists it's "not dialogue"
Shalom Life speaks to Nimrod Cohen, CEO of OnlinePianist, the leading piano tutorial app that helps you learn how to play your favourite songs, from Rihanna to Mozart
Israeli religious services will use Waze to guide believers to the Holy Places
A total of 162 Israeli companies have raised the highest quarterly amount from local and foreign investors since 2000
Award winning startup, formerly led by Naftali Bennett, is purchased by Asurion Corporation
Last month, the Carmel Mountain tunnels were shut down, which experts now say was a result of a clever hacker attack
IDF Major Peter Lerner's tweet received a response from Hamas, to which he replied, though he insists it's "not dialogue"
Shalom Life speaks to Nimrod Cohen, CEO of OnlinePianist, the leading piano tutorial app that helps you learn how to play your favourite songs, from Rihanna to Mozart
The 19 year old sophomore sat on the exam table looking at the floor. A college student with obvious charm
In 1971, researchers set up a prison in the basement of Stanford University's Psychology Department. The idea was to
As I have tried to make abundantly clear the United States is the only country in the industrialized world that
Alright, that does it.Since the terrorist attacks of September 11, 2001, Americans have been willing to do their part for
A study appeared in a journal titled “Obesity” which was reported by a group from the University of Colorado. In
Sixty-five years ago today, World War II officially came to an end. On September 2, 1945, Japanese Foreign Minister
Share This Story With Your Friends!
Friend's Name:
Friend's E-Mail:
(This information will not be displayed publicly)
Optional Message:
