1990 oil price shock and prices began to fall. On August 2, 1990, The Republic of Iraq invaded the State of Kuwait, leading to a 7-month occupation of Kuwait and an eventual U.S.-led military intervention. While Iraq officially claimed Kuwait was stealing its oil via slant drilling, its true motives were more complicated and less clear. At the time of the invasion, Iraq owed Kuwait $14 billion of outstanding debt that Kuwait had loaned it during the 1980–1988 Iran–Iraq War. In addition, Iraq felt Kuwait was overproducing oil, lowering prices and hurting Iraqi oil profits in a time of financial stress. In the buildup
Liberation of Kuwait campaign the U.S. Marines stopped at the outskirts of Kuwait City, allowing their Coalition allies to take and occupy Kuwait City, effectively ending combat operations in the Kuwaiti theater of the war. After four days of fighting, all Iraqi troops were expelled from Kuwait, ending a nearly seven-month occupation of Kuwait by Iraq. A little over 1,100 casualties were suffered by the Coalition. Estimates of Iraqi casualties range from 30,000 to 150,000. Iraq lost thousands of vehicles, while the advancing Coalition lost relatively few; Iraq's obsolete Soviet T-72 tanks proved no match for the American M1 Abrams and British Challenger tanks.