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. 
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. 
In recent weeks, hedge funds abandoned the oil complex as they worried that the resumption of Iranian nuclear talks would bring a flood of oil to the marketplace. Yet, they boosted their net long position to the highest level in nearly 3 years last week.
Most OPEC+ producers view it as their right to drive up prices to get that money back, and with the U.S. shale sector being held back, they’ll probably make that back and then some.
Not only did a fire break out and sink the 207-meter Kharg, Iran’s largest warship, a fire continues to rage at one of its largest state-owned refinery and chemical company, the Tondgooyan Petrochemical Co.
Global demand is rising and the world is more than likely headed towards an oil supply squeeze. Demand is recovering faster than supply: U.S. rig counts rose by only 3 last week and crude oil inventories are falling. 
Oil prices are roaring back as it seems the Biden administration is having second thoughts about quickly lifting sanctions on Iran, expecting huge demand on the global reopening trade.
The oil market was up and then down because of off-again, on-again Iranian and Russian sanctions. Oil prices, which were partly weak due to the crypto craze, had a meltdown yesterday.