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Iran responded with its customary threats to close the Strait of Hormuz, a narrow outlet from the Persian Gulf that is a conduit for 17m barrels a day (b/d) of crude, around 20% of the globe's needs.
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The three Caspian republics of Azerbaijan, Kazakhstan and Turkmenistan hold close to 50bn barrels (7bn tonnes) of crude oil, around 3.5% of the world's proven reserves.
Brent crude was around $116 a barrel on Monday, on signs of improving economic growth in the United States and China.
Converting the sands into synthetic crude costs around thirty dollars a barrel; last week, the price of a barrel of oil on the New York Mercantile Exchange was over ninety dollars.
Energy stocks rose almost 2 percent in the broader market, but other sectors vulnerable to turbulence in oil prices, like airlines, declined as crude traded around $100 a barrel.
A rally in the oil price - Brent crude was around 1% higher at $58.57 a barrel by the time the London market closed - helped lift Weir, which supplies equipment to the oil industry, by 91p to £18.80.
The time to purchase the likes of Exxon Mobil et al. was when crude was around $12 per barrel and no one was paying attention.
Oil shares took the most points off the index as crude traded around $41.0 a barrel, its lowest level in about four years, with eyes on the $40.0 level as a widening slowdown gnawed into oil demand.
At that point, the price of Brent crude was around $100.
First, demand is starting to kick back in, which is soaking up some of that extra crude flowing around.
With gas prices running less than $2 a gallon across most of the United States, and crude at around $31 a barrel, the White House is betting that the time is right to put an additional price on fossil fuels.
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