Egypt, Libya, Syria, Iran and Iraq. These countries stand at the forefront of all the problems going on in the Middle East.
Iran, Libya and Iraq represent almost 5 million barrels of oil production a day. Throw in the fact that Egypt sits on the Suez Canal, through which about 4 million barrels a day move, and you can see why oil has held up so well, even though equities have been soft for a week.
After all, if the canal is closed, that oil will have to go around the Horn of Africa, adding many dollars and much time to the cost of delivery.
(Read more: Egypt risk premium built-in, limiting oil's gain)