Petroleum products certainly are a crucial link within the global energy supply chain that lots of countries strongly depend on as an integral input within their growth model. The highly-segmented process between extraction and distribution leaves crude oil prices subjected to supply-disruption errors, particularly those linked to a most unpredictable factor: climate.
The magnitude from the disruption introduces varying degrees of uncertainty about future supply that is then frequently reflected within an adjustment in crude oil prices. Furthermore, “the volatility of oil prices is inherently linked with the reduced responsiveness or "inelasticity" of both supply and demand to price changes in the short run” based on the EIA. That is in large part because of the limited level of equipment open to using during the supply shock.
“It [also] takes years to build up new supply sources or vary production, which is very difficult for consumers to change to other fuels or increase fuel efficiency within the near- term when prices rise. Under such conditions, a big price change could be essential to re-balance physical supply and demand, carrying out a shock to the machine.” (EIA)