The Middle East has a dramatic impact on the global price of oil… and today we’ve got visual proof! I call it the “Middle East Effect” – and over the past few years it’s responsible for the majority of oil’s major moves, including a recent pullback in prices. So what’s next for the Middle East Effect and oil prices? Let’s have a look… Before we get our boots muddy in the Middle East, let’s back up and take a look at how the oil market works. Consider it a crash course on crude!