WTIC, weekly
WTIC, monthly2, rainbow
Summary
All things considered, I'm actually kinda surprised Oil hasn't exploded far higher in the past few days. After all, Oil is still relatively low in price - when you consider the Dow is at 15k, and a typical national 'event' of this type can often spike prices $15/20 at least.
Perhaps by this Friday we'll be looking at a test of the upper monthly bollinger band, currently in the $106s. Without question, the really big level is the May'2011 high of $114.83. Interestingly, that is when equities peaked in that cycle, and a few months after the main commodity index peaked.
Long term?
There seems little doubt that long term Oil prices will broadly rise. After all, Oil is a finite resource, and almost all of the cheap recoverable oil has already been sourced.
Across the last few years I've seen some very well balanced outlooks - I'd refer anyone to Chris Martenson , there are some good youtube videos out there, if you take a look.
As for an oil price shock in the immediate term? No, this Egyptian event doesn't seem to be that serious... yet.