Analysts said instability in West Africa and the Middle East reinforced investors' concerns that the developing world controlled a large share of the world's energy resources.
"This just rams home how much the Western world is dependent upon the 'Wild West' for its energy supplies, whether its West Africa or the Middle East or Russia," said Ian Henderson at JP Morgan Fleming in London.
In the last few weeks, there have been attacks on Nigeria's oil pipelines, a Russia-Ukraine row over natgas prices that briefly cut European supplies, and the closure of Iraq's biggest refinery due to security threats.
Israeli Prime Minister Ariel Sharon's life-threatening stroke this week and growing concerns about Iran's nuclear intentions have also kept the market on edge.
ATTENTION PANICY TOOLS IN THE OIL INDUSTRY
other then Russia's playing cut off the pipeline all of these things are pretty much the same as they were 3 months ago. And 6 months ago. And I'm willing to bet much of the signifigant issues will still be out there 3 months from now.
Stop panicing.
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