Russian finance minister Alexei Kudrin warned today that oil prices might rise to between $150 and $200 a barrel because of the turmoil in the Middle East and the devastation in Japan.

“The growth will be speculative and short-lived,” he cautioned.

Last week, Steve Levine wrote an informative essay exploring the question: with all the madness going on in the world, why isn’t the oil price higher? You can read it here.