Yes, there was a spike in prices due to speculation and it will settle down, happens always.
Now US is the largest producer of oil with nearly 15mmb a day to 9mmb/d to Saudi and Russia. Many others have being coming to market lately and Russia hasn't being supplying a lot to the western market. Many others are in the wings, Indonesia, Cuba, Australia to pump in to the market. Therefore, even a large drop in Russian supply wont make much of a difference. Again, Price is all speculation.
