The recall movement in Egypt has added about five dollars to the geopolitical premium in oil prices. Given what it took for the people to rise up and try to throw the bums out, it seems a misnomer to refer to it as a coup d’etat. The military finished the job, for sure, but it is not as if El Jefe has risen to takeover. Oil prices have also risen on output issues in Iraq and Libya. In Iraq, the northern pipeline through Turkey has been shut since late June. In Libya, port and oil workers disrupted exports over the past several weeks. Both of these issues have been resolved…
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