The folks at Stratfor will tell you that Libya is a sideshow. The real story is that Iran's influence in Bahrain will give them control over both sides of the Strait of Hormuz.
Oil will only flow if Iran wants it to, and at the price Iran demands.
Well, yay, that stuff is pure evil. On the other hand, the brutal regime fighting for its life in Ivory Coast has just seized forty percent of the world's cocoa supply. I ate six Lean Cuisine Chocolate Ice Cream Bars today in a frenzy before I read that it's not expected to have any impact. Well, it's already had a little impact.