Growing tensions between the U.S. and Saudi Arabia over the disappearance of a Saudi journalist are prompting speculation over the possibility of oil prices at $100 or even, in a stretch, $400 a barrel.

The market reaction, however, remains muted, and many analysts believe that panic over fears of another oil crisis like the one sparked by the Arab oil embargo of 1973 to 1974 is unwarranted.

On Monday, global benchmark Brent crude LCOZ8, +0.53% edged up by 35 cents, or 0.4%, to settle at $80.78 a barrel on the ICE Futures Europe exchange, while U.S. benchmark West Texas Intermediate crude CLX8, +0.50% added 44 cents, or 0.6%, to $71.78 a barrel on the New York Mercantile Exchange.

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