Crude oil prices have been declining sharply this week. On Thursday the prices plunged by nearly nine percent in the largest one-day drop in more than two years. According to many oil analysts, the killing of Osama Bin Laden may have been the catalyst for the rout in oil prices. Although the prices recovered slightly on Friday, after a positive report on US employment numbers, but for the week they registered a decline of more than 13 percent.
Bin Laden’s killing may have consequences beyond its obvious symbolism. There is a growing feeling in the region that the decade-long era of war on terror is coming to an end, to be replaced by more conventional law enforcement tactics against terrorist groups. Such development would certainly help ease the tensions in the region and the decline in oil prices after the Bin Laden news could indeed been caused by such expectation.