Do you believe in property rights? How about national sovereignty? Or are those thing optional if someone has something you desire?
Additionally the mid east whackos make their living off of selling us oil. If they withhold it they won't be making much of a living. Furthermore if they raise the price too much it would become profitable for the US to pump its own oil and other areas around the globe would step up their production to meet demands. So the Arabs would not profit from artificailly high prices, they'd lose the business to elsewhere. We like Iraqi oil because it is sweet and does not require much refining, therefore it's cheap to produce. Maybe not everyone else's is as sweet but believe me there is no such thing as a shortage of oil in this world.