Oil prices surged on what can be best described as a panic attack. Oil prices surged as reports that an attack on Iran may be imminent, or if you prefer, on reports that Iran cut off oil supply to Europe. Either way, it caused the market to price in some scary scenarios as European and Asian buyers continued their panicked crude oil buying.
Yet with another deal with Greece and a voluntary forced bond-holder haircut on Greek bonds, the market is under some pressure.
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at pflynn@pfgbest.com.
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