"Oil prices are very sensitive," DeHaan said, adding that at a basic level, they are driven by "supply and demand and anything on either side of that." "Anything that touches on those two things, which is a myriad of issues, this time around on the supply side, it's Saudi Arabia that's having an impact," he added.
"In this case it's pretty shocking that Saudi Arabia suffered this missile attack on its oil infrastructure," DeHaan said. "We are now looking at a sudden unexpected drop in oil production to the tune of millions of barrels."On the opposite side of that, DeHaan said a "good example of oil prices plunging was when Saudi Arabia signaled in 2014 that they were going to raise oil production." "An increase in production can cause oil prices to plummet just like an unexpected outage would cause oil prices to soar," he added.
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