The point that he's trying to make all throughout the piece is that, yes, the speculation is partly based on the civil unrest in the Arab world but that the influx in speculatory money is inflating the issue beyond the simple idea of supply/demand.

In essence, the presence of speculators exacerbates the price hikes that normally come of a volatile market. This turns the whole market into one giant feedback loop.

(this is all assuming that I understand correctly, of course)