Barchart article that asked if there was more downside in crude oil, I cautioned: The geopolitical landscape remains highly tense, with potential hostilities in the Middle East and other regions. Any geopolitical surprises could ignite a recovery rally in crude oil futures,

Key Takeaways Oil futures surged to a five-month high Monday morning after the U.S. struck Iranian nuclear facilities over the weekend but fell sharply later in the day amid optimism that an escalation of the conflict in the Middle East could be avoided.

If oil prices are any measure, Iran just flinched. The price of oil tumbled Monday on a bet that Iran's decision to bomb U.S. and Qatari bases signaled it was not planning to do the one thing that could really hurt America: Shut down the flow of oil.