If Middle East goes, so goes the world...

From Spiegel:

The OPEC spare capacity is officially 4.X Mb/day, but that is unlikely to be true and the crude qualities within OPEC are not all directly interchangeable for the European refiners.

A combination of any two countries from the above map is enough to wipe out the whole spare capacity.

Even if oil is in a parabolic trading move right now and likely to come down for a while, it doesn't meant the the problem will be over.

Until the unrest in ME starts to cool down, the prices will be fluctuating a lot.

Traders market, you have been warned.