Oil spikes are short lived, unless OPEC decides to not increase quotas. Shifts in production and changes in logistics (this time Russia) don’t happen over night. It’s a global market (but not a free market) influenced by a cartel and the politics of the day. Price panics (usually) incentivize production where it’s easy. Prolonged price hikes incentivize new exploration and technology. The Saudis tried their darndest to kill the shale industry by increasing supply and suppressing prices.