The tide of unrest sweeping Egypt has whipped up waves in the oil market. Anxiety often has a role in determining the price of black gold and traders, with plenty to fret about, sent a barrel of oil above $100 for the first time in two years on January 31st. Fears abounded that the upheavals in Egypt might disrupt the passage of tankers through the Suez Canal and, worse still, that the popular uprisings in Egypt and Tunisia might spread across the Middle East. So far the concerns seem overblown. Egypt is a small producer and actually imports a little oil. It is better known for its role as a transit route.
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