Once the weather becomes really mild in the next few days in Europe, hopefully the high oil price won't hold, despite the oil supply stoppage from Iran. Regardless, the price should not be where it is, including a fifteen percent 'war premium'. The strategic oil reserves are enough for about 90 days, after which extra production from the other oil producers would make up for what Iran does not wish to supply.
The oil price of $120 for Brent ICE and $105 WTI are keeping the traders happy. So long as they are consumers also, which of course they are, they should realize that the high oil price will suck money out of the system and leave everybody struggling. Once demand destruction kicks in, it will be painful for all.
After oil reached $147 a barrel, it took several years for the effects to wear off. It put a stop on many projects in the Middle East, and put everybody through a prolonged recession. Why do people want the same punishment to visit Humanity again?