The risk of losing an estimated 2.5 million barrels of daily production has, for now, eclipsed the fact that global inventories are sloshing around at peak levels.
The wildfire in Canada that skirts tar sand oil sites has knocked out around 1 million barrels of production per day, according to Barclays.
But one analyst at the bank said Tuesday that Canadian supply is in fact secondary to investor minds.
"We could potentially see the Canadian supply, the close to 1 million barrels per day that's offline, come back over the end of this month if not the next.
"But it's the Nigeria one that's really spooking markets given that's close to 400,000-500,000 barrels per day which is only expected [back] after July now," said oil analyst, Miswin Mahesh.
In Nigeria, a group known as the Nigerian Delta Avengers, has reportedly taken out a critical piece of underwater equipment at Chevron's offshore 'Okan' facility.
Chevron has acknowledged that the facility is now shut and the disruption has stopped extraction of roughly 90,000 barrels per day.