One reason for the rise in oil prices is the political uncertainty over Iran and its ambition to produce atomic weapons. The danger isnt the cut off of supplies from Iran the 4th largest exporter-, but from the region around 40% of the globally traded oil - since Iran controls the Strait of Hormuz. It has been reported by Iranian newspapers that Iran has ordered the army to dig 320000 graves near its borders, for humanitarian purposes since it may be planning to allocate them to enemy corpses. If there is any hostility in the Gulf Iran will certainly exert its control over the Strait of Hormuz. If the order to dig graves isnt a clear sign to the imminent political instability who knows what is? Not just in the Middle East, the NYMEX might cause some political instability of its own in many corners of the globe.