The situation in oil looks like classic panic selling, especially since the newsflow would seem to be bullish for oil. The situation in Bahrain is potentially huge, as the US is pushed to either support a democracy movement, or side with Saudi oppressors. At a minimum, Saudi Arabia and Iran seem to be in the early stages of a proxy battle. Normally oil would go nuts on this.
And bear in mind, too, that as Japan’s energy infrastructure collapses, it too will need more oil.
And yet, $100 oil seems like a long lost memory.