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 panic crude oil buying.

Yet with another deal with Greece and a voluntary forced bond-holder haircut on Greece bonds and the market is under some pressure.

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