If traders believe that the Iran sanctions are starting to work perhaps forcing a change in the power structure of the regime, it is very possible that the possibility of an attack on Iran is diminishing.
The West Coast gas market is in chaos, driving prices to record highs and causing shortages of gasoline and the closing of gas stations. Refinery fires and maintenance have conspired to reduce supplies.
As oil prices soared to a record high in 2008, traders, politicians and regulators were stunned as oil made a move of historical portions. Now oil traders are cheering the overturning of position limit rules.