One Misread Tweet Leads to Spike in Oil Price

Traders misunderstood a tweet from the Israeli Defense Forces (IDF) on Thursday, panicked and purchased more oil, thus driving prices up by $1 per barrel.

The confusing IDF tweet was about an Israeli air strike on Syria — one that happened 40 years ago. The tweet was in remembrance of the anniversary of the 1973 October War, also known as Yom Kippur War

Oct. 10 #YomKippur73: Israel Air Force bombards airports in Syria to prevent Soviet weapons reaching the Syrian Army https://t.co/tKnMzYjgFF

— IDF (@IDFSpokesperson) October 10, 2013

The tweet was marked with the hashtag #YomKippur73 and referred to "Soviet weapons," but somehow, traders around the world missed those two signs and thought it was referring to a current attack on Syria, as first reported by Reuters Read more...