It's all part of the whole picture that's been going on for over a year and a half already.

It may have already touched the highest points in the first half year, but still have chance to climb up in the next half year.

It's a very powerful bull market right now. The real concern is whether OPEC can make up for any interruptions in supplies. The problem is that we've lost our security cushion. A potential loss in Iranian oil would be impossible to replace and could send oil to $100.

All of the crude in the world does not turn the crude into product. It still has to be refined. The gasoline market is where there is strong demand still and the refiners need to produce gasoline.

The impact is all going to depend on how much damage there is. At this point, we don't know what the effect is going to be. I don't see it going negative, but at this point people are taking a wait-and-see attitude.

The market is so bullish that it's in accelerator mode. It's feeding on itself. Seventy dollars looks like an achievable target without too much difficulties.