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By Tim Seymour

Crude oil is quietly climbing higher. It was $85 mid-December and is now almost $97. Although we care about Brent (NYSEARCA:BNO), which is the "world's blend," it's really all about the Middle East. Tensions continue to escalate with speculation about Syrian regime leader Bashar al-Assad's chemical weapons slipping into terrorist hands.

Note the move in Russia. The Market Vectors Russia Index ETF (NYSEARCA:RSX) has broken through key resistance that was the top in September.

Source: Crude Oil's Stealthy Upward Climb