In hindsight this entire process would have appeared extremely obvious.
While it's easy to call those that express concern over oil prices as "doomers," this is a similar process that has ended business cycles of the past.
Most business cycles of the past have ended shortly after the price of oil spiked.
Rising geopolitical conflict threatens to cause that once again.
If oil starts moving higher, it usually marks the beginning of the end of the business cycle.