Clarification/Follow-up by paraclete on 02/22/08 6:19 am:
The significance could be that the market is recognising that "peak oil" is a reality.

It has taken a long time to dawn on us that we are using up this commodity at an ever increasing rate and there may not be enough to go around, at least, not easily. It is very difficult to judge whether the peak has been reached or not, however the market may not wait for the producers to come clean on their available reserves and production capacity.

I agree that political influences may also be a factor that Iran, Venezwela and others may be becoming increasingly opportunistic in exploiting. The US enemies are in a position to control a large proportion of the supply. How better to bring down an old enemy than by economic means