Oil industry reassured on Middle East stability - CNNMoney

Egyptian demonstrators throw stones at police during demonstrations in January. But a longtime U.S. ambassador to the region says Saudi Arabia, Iran, Iraq and other big oil producers should remain stable.

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HOUSTON (CNNMoney) -- A longtime American diplomat to the Middle East provided some reassuring words to the oil industry Wednesday: The situation in Libya and Egypt may remain tumultuous for some time, but the major oil producing countries of Saudi Arabia, Kuwait, Iran and Iraq will likely stay stable.

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Turmoil in the Middle East has spooked oil traders , who have sent the price of U.S. crude up over 10% in the last month. The biggest fear is that the unrest in Libya, Egypt, Bahrain and elsewhere will spread to the big oil producing nation's in the Gulf.

Oil industry reassured on Middle East stability - CNNMoney