Oil markets despise uncertainty, but don't we all? But oil is the life-blood of the modern age, without it we devolve into a new Dark Age. And if oil traders fear one thing, it is political unrest in dictator-led nations sitting atop oil fields. When these people go apenuts, they tend to burn things, and oil and oil refineries tend to not get along with fire. And the actions of Obama are such that he might as well be tossing Molotov Cocktails with the rest of the crazies.
Light sweet crude is only six cents away from breaking the $96 mark, I expect the continued bad news to push it over. I have a feeling the stock market is going to shed some weight too, but we'll see if the consumer confidence numbers continue to show modest gains to offset that or if it contributes to the decline.