Only 5% of world oil supply is suspected to be affected but oil futures have gone up by 15%. This is the result of speculation that causes initial large spike and then subsequent oscillations to a stable value.

Given that there was a large jump and then a quick fall back to lower levels, a lot of it is probably speculators trying to make a quick buck, not actual worries that supply might be threatened.

Remember that the first time the oil price reached 100 USD it wasn't because of actual economic reasons, it was because a trader wanted to go down in history as the first person to buy a barrel for 100 USD.

Define "a problem".

At any point in time, prices will reflect not only the current supply and demand, but rather the future expected demand and supply.

Whenever the future supply is uncertain, there will be fluctuations.

It's not likely that there will even be a permanent reduction in capacity from this.

> Brent Crude is a major trading classification of sweet light crude oil that serves as a benchmark price for purchases of oil worldwide.

> London’s Brent futures leapt almost $12 in the seconds after the open, the most in dollar terms since they were launched in 1988.

> Prices have since pulled back about half of that initial surge of almost 20%

> Donald J. Trump @realDonaldTrump PLENTY OF OIL!

> WTI crude surged 15% at the weekly opening bell

> Prices have since pulled back around half