The oil market briefly jumped earlier when the UAE sent out this message to resident cell phones.
That was amplified by a report of explosions — untrue — in Iran’s media.
The alert was withdrawn just 2 minutes after it was issued and now it all appears to have been some kind of technical mistake. The officials are calling it a “technical malfunction” but it seems near-impossible to me that a human wouldn’t have been in the loop somewhere or that it was some kind of test that went wrong.
In any case, oil quickly rose $1 on it but the market sorted it out fairly quickly.
This article was written by Adam Button at investinglive.com.