▁that ▁K uw ait ▁had ▁loan ed ▁it ▁during ▁the ▁ 1 9 8 0 – 1 9 8 8 ▁Iran – I ra q ▁War . ▁In ▁addition , ▁Ira q ▁felt ▁K uw ait ▁was ▁over produ cing ▁oil , ▁lower ing ▁prices ▁and ▁hur ting ▁Ira qi ▁oil ▁prof its ▁in ▁a ▁time ▁of ▁financial ▁stress . ▁ ▁In ▁the ▁bu il dup ▁to ▁the ▁invasion , ▁Ira q ▁and ▁K uw ait ▁had ▁been ▁producing ▁a ▁combined ▁ ▁of ▁oil ▁a ▁day . ▁The ▁potential ▁loss ▁of ▁these ▁supplies , ▁couple d ▁with ▁thre ats ▁to ▁Sa udi ▁Arab ian ▁oil ▁production , ▁led ▁to ▁a ▁rise ▁in ▁prices ▁from ▁$ 2 1 ▁per ▁bar rel ▁at ▁the ▁end ▁of ▁July ▁to ▁$ 2 8 ▁per ▁bar rel ▁on ▁August ▁ 6 . ▁On ▁the ▁he els ▁of ▁the ▁invasion , ▁prices ▁rose ▁to ▁a ▁peak ▁of ▁$ 4 6 ▁per ▁bar rel ▁in ▁mid - Oct ober . ▁ ▁The ▁United ▁States ' ▁rapid ▁inter vention ▁and ▁subsequent ▁military ▁success ▁helped ▁to ▁mit ig ate ▁the ▁potential ▁risk ▁to ▁future ▁oil ▁supplies , ▁thereby ▁cal ming ▁the ▁market ▁and ▁rest oring ▁confidence . ▁After ▁only ▁nine ▁months , ▁the ▁sp ike ▁had ▁subs ided , ▁although ▁the ▁K uw ait i ▁oil ▁fires ▁set ▁by ▁retre ating ▁Ira qi ▁forces ▁were ▁not ▁completely ▁ex ting u ished ▁until ▁November ▁ 1 9 9 1 , ▁and ▁it ▁took ▁years ▁for ▁the ▁two ▁countries ' ▁combined ▁production ▁to ▁reg