The Oil price is far too high, at $124 Brent ICE and $108 WTI/Nymex. Any talk of instability in the Middle East is only pushing the price up, to the detriment of all nations who have to import oil for their industrial use.
A short-term gain in the price will inflict lot of hardship on many nations, possibly leading to a scenario where there is demand destruction. That would be the consequence of a slow down of all the economies.
The ball is in the court of the oil exporters and the oil price market makers. If they wish to see continued worldwide economic Recovery, they know what to do.
Otherwise the picture will be bleak for everybody, something we should surely avoid if we can help it.
Let me know your views.