The past that may alter the present. The New York Mercantile Exchange rallied on the Twitter news. The tweet on the Israel Defense Forces official account triggered an instant reaction. This year we will commemorate the tragic Yom Kippur war. A few references to history. In 1973, Syria and Egypt launched a surprise attack on Israel. The mission of the strike was to get back the lands lost during the Six-Day War in 1967. During the treacherous attack, the troops of the Arabian coalition succeeded in overwhelming the country. However, Israel, with the utmost stretch of its powers, could turn events around. As the result, the war prompted the UNSC to pass Resolution 339 calling for all parties to adhere to the ceasefire terms and capitulation. Now, 40 years later, Israeli military posted: “Israel Air Force bombards airports in Syria to prevent Soviet weapons reaching the Syrian Army”. Despite the tweet carried a special hashtag #YomKippur73 intended to clue the readers that it concerns the events of 1973, the oil quotes were sent spiraling upward. Thus, the black gold rose to $103 per barrel on NYMEX right after the publication. It is widely believed the price hike from $101.6 to $103 dollars happened due to a technical glitch. The majority of automated systems analyzing the news misread the word combination of “Israel” and “Syria” and initiated oil purchases. The buying spree triggered oil prices increase on the market.
