Mike McGlone

Crude oil's probably peaked at 120.

And here's a key thing.

By the time we get to the midterms, the December crude oil contract is when it's going to be this matters.

That one right now is at $78 a barrel.

I fully get expected to be down by 50 by the time we get to midterms.

Crude oil was already up 20% on the year.

Brent running near very good resistance, around $72 a barrel.

And the key question is, will there be a reduction, a sustained reduction in supply?

Remember, Iran only produces exports maybe one to two million barrels a day.

The U.S.

net exports are running four million barrels a day.

So I think this is a classic example.

Unless there's some major disruptions, I'm pretty sure the U.S.

military will probably render

Iran probably defences rather rapidly.

We might get that classic pump into the risks and dump afterwards.

Crude oil was already up 20 percent on the year.

Brent running near very good resistance, around $72 a barrel.

And the key question is, will there be a reduction, a sustained reduction in supply?

Remember, Iran only produces exports maybe one to two million barrels a day.