Headlines of a failed assassination attempt against the leader of Kuwait, the United Arab Emirates, Nigeria, Qatar, Angola or Libya all would be top business headlines, not just political ones. Domestic chaos in any of those oil producers, all members of the Organization of the Petroleum Exporting Countries, could impact supply and prices globally.

Yet this past weekend, a similar headline concerning a founding member of OPEC and, until 2016, a larger crude producer than all but the first two aforementioned countries, caused...