The resignation of Hosni Mubarak after a 30-year reign as modern-day pharaoh of Egypt has demonstrated the nervous and potentially combustible connection between oil and politics in the Middle East. As soon as Mubarak quit after weeks of demonstrations, oil prices dropped, but quickly rose again, and benchmark Brent crude touched $103 a barrel as new political protests erupted in Bahrain and Iran amid certainty about who would really rule Egypt.
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