[dredmorbius]

And what do you think the response of local oil prices would be if a significant fraction, or all, mid-East oil supplies were cut off?

Oil is a commodity which can move around the planet for 1-2% of its total energy content -- that is, a tanker burns the equivalent of about 1% of the load it's carrying, to carry that load. Which means that oil is a global market.

The price of oil in the US is absolutely dependent on the supply of oil coming from the Middle East, even if that oil flows to Europe, India, and China. Just as the price of oil in the Middle East is dependent on the amount of oil flowing from Canada, or Bakken Shale.

Which is why the Carter Doctrine stands. The United States has vital strategic and economic interests in the Middle East.