The question is not if oil price will go up but when it will go up.
The worrying thing about Middle East right now is risk & potential regime change in some of these volatile countries may have a knock on effect to "stable" countries. The idea of change itself is appealing, especially when there is a huge disparity between the rich and the poor. Higher prices in basic necessities and oil related products is adding fuel to the fire as well, uniting the cause of the people.
Higher oil prices will result in higher inflation. Cost of living will go up. Interest rates will also go up. So all in all, not very good if u are a consumer.