Saudi Arabia's King Fahd Dies, Oil Hits Record

In the New York Times:

With oil traders, analysts and hedge fund investors on the lookout for any news of instability in Saudi Arabia, the world's top oil exporter, the long-expected death of King Fahd and the planned succession by Crown Prince Abdullah sent oil prices to a record high during trading today.

...

"For years, oil markets have reacted bullishly at every rumor of King Fahd's death," Mr. Bentz said. "The king finally died and markets reacted."

We shall see what happens.