The Economics Of Revolution: Oil Spikes

Avent grows worried:

In the long-run, a freer Middle East and North Africa would be an unqualified boon for the global economy, and for the citizens of those countries most of all. In the short-term, however, uncertainty is contributing to market volatility. Egypt is a far more populous country than Libya. But Libya has nearly ten times more oil than Egypt. And so unrest is contributing to a rising oil price. Brent crude jumped about 3% to nearly $106 per barrel today, and West Texas Intermediate is up just over 6%. Set against the world historical events taking place in Libyan streets, these seem like petty concerns, but for consumers around the world (and embattled central banks) rising oil prices could mean trouble.