Even with Russia 35 miles outside of Tbilisi, oil is down:

NEW YORK (Reuters) – Oil fell more than $2 to below $113 a barrel on Monday as a drop in crude imports by No. 2 consumer China outweighed concerns over supply disruptions stemming from the conflict between Georgia and Russia. U.S. crude traded down $2.30 to $112.90 a barrel by 12:45 p.m. EDT, extending losses that have dragged oil off a record high over $147 a barrel hit on July 11. London Brent crude fell $2.00 to $111.33.