Having seen the other side of this, I can tell you that you're grossly underestimating what happens in the event of a parts shortage.
My employer sells "appliances" based on PCs. We work with contract manufacturers and while I'm not dealing with them myself, I hear a bit about some of the problems. It seems some Ethernet chip (a PHY, I presume) has been the chief issue for us. What happens is that when a given part starts to have longer and longer lead times, the companies using it will up their orders to try and ensure they have enough inventory to fulfill their orders. Pretty soon, scalpers catch wind of the situation and buy up all the supply of it they can find. Now, what should be a $1 part is selling for $100s, if you can even find them. Just because they can.
I'm not an expert on oil, but there are complicated dynamics in this market. Shipping can be a bottleneck, as can refinery capacity and costs. The specific type of oil can also vary more than the "Texas light sweet crude" or whatever they quote as the indicator you hear on the news.
The free market for these big commodities tends to work very well when the situation is fairly stable. Then, the bottlenecks tend to get ironed out and we have lower & more uniform prices all the way out to the gas pump. However, when you throw a wrench into the works by having like 1/3rd of the oil consumers suddenly switching where they're trying to source oil from, it creates huge bottlenecks in shipping, distribution, refining, etc. because market dynamics don't incentivize keeping a lot of spare capacity in those areas.
When supply disruptions meet inelastic demand, get ready for some fireworks. And yes, there are definitely some bad actors that make the situation even worse.