Oil prices are pulling back a bit this Monday morning on questions about an appropriate response to the alleged drone attack on an Israeli ship by Iran and the appropriate response to the delta variant of the covid 19 virus.
If you were waiting for Iranian oil to cool the global oil markets, get ready to wait some more. Oil prices are getting a boost in overnight trading as new reports say the Iranian nuclear talks are going to be delayed.
The global oil market is tightening at a frantic pace and the big question is, will OPEC+ rise to the occasion and save the world from an oil price spike? 
Oil prices await a decision from OPEC+ regarding how much supply the group will add to the market. Questions also remain as to whether or not Iranian barrels will ever come back to the market. 
Just 1 year after the prophesied Covid-19 "oil glut," oil supplies are falling at the fastest pace they have since the pre-pandemic days. Now there are concerns that there won’t be enough oil around to meet growing demand.
The great energy transition and dreams of an electric future are getting hit with a dose of reality as people begin to realize that the nation's energy and infrastructure will have to be completely transformed in order to handle the increase in demand.
Crude oil prices started the first official day of summer with an impressive breakout to the upside as the market starts to realize the unlikelihood of a return of unsanctioned Iranian oil back to the world market. 
Iran's president-elect Ebrahim Raisi gave a speech this morning and called on the U.S. to return to the nuclear deal in full compliance. He’s also saying that the European Union has failed to meet its obligation under the JCPOA deal. 
The judge pointed out that millions, possibly even billions of dollars are at stake, not to mention local funding for jobs and workers in the states that sued. It also dried up the funds for the restoration of the Louisiana coastline.
Not only does shale need to try increasing output to meet demand, but the sector also has to deal with a lack of investment dollars which are being diverted elsewhere because of climate change fears.