I used to trade oil and gas commodities and saw this coming a year ago. Saudi wants $80 to $100 price range, not just Russia. The price is not justified because they are drilling the shit out of everything now. Once the price was steady over $60 the oil companies started hiring riggers again. The problem is that there is not enough of them so they aren't able to get even more oil out of the earth.
The price is not "running" away like it did in 2008 when it reached $140 per barrel but that is what will happen if Trump keeps getting things his way. You will see $5 and higher again for a gallon. If the asshole starts a war you will get $140 to $150 per barrel easy. Don't sell your oil stocks quite yet.
Supposedly the Venezuela situation plus the heightened sense of Middle East war has driven the price up about $10 per barrel over the last 6 months. Keep your eyes on the inventory numbers over the next few months. If they start to rise, but the prices keep going up, then a repeat of 2008 will happen again.