A glance at the chart below is a vision of a dog that hasn't barked. There's World War 3 brewing in Ukraine, and yet Brent has been even more tightly range-bound than the $100-120 we'd become accustomed to.
What to say ? Obviously no-one imagines Russia is about to stop selling oil, either to punish the West or as the result of an embargo. Has the Invisible Hand decided that in the great scheme of things it is all just posturing on both sides, and that the annexation of Crimea is just small beer ?
We've noted several times on the QT compo how the BBC has resolutely downplayed the whole crisis. Perhaps they take their lead from the Brent market when it come to foreign affairs. Missing airliners, missing schoolgirls, and lurid murder trials seem to be what counts for top-headline foreign news coverage.
It's an interesting thought that Russia re-ordering the FSU might be a sideshow. What's the main event, then - are we just all sitting around waiting for the Chinese economy to pop ? Maybe Brent would be forced to notice that.