Is the world running out of oil? Or gold, or wheat, or almost any other commodity you care to name? What are the factors driving crude oil's ascent to new peak prices? Charting Asia takes a look at the technicals.

There’s still a palpable sense of shock and awe here after last week’s unprecedented surge in global oil prices. The vast majority of executives at the Asia Oil & Gas Conference in Kuala Lumpur, Malaysia pointed the finger squarely at the speculators. Saber rattling between Israel and Iran didn’t help either, they said.

Crude oil prices are up a whopping 43% year-to-date, surging over 8% alone on Friday. This is the backdrop to the 13th Asia Oil and Gas Conference with oil executives gathering in Kuala Lumpur for the energy summit as a question mark hangs over the outlook for regional demand.