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I'd say the oil prices aren't this high simply because of the higher demand than before, but mostly because of the fear that the supply will drop. If demand and supply are close (like they are now), then one small terror attack, or one small misplaced rocket during a war could reduce the supply levels significantly.
Fear leads to higher demands to buy as much oil as possible *before* this potential bad thing happens. higher demand, with stable (or declining) supplies lead to higher prices. And these prices are of course higher than they would have been without that fear.
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