Oil down again

It's down more that 5 bucks as of this writing (11 am EDT).

Prediction

If oil can't build a base around $130 and starts selling in the $120s, watch the Iranians panic and either:
a) do something crazy to create "turmoil in the region", which may NOT work this time; and if it doesn't, then
b) dump their 15 VLCCs worth of their sour crude on the markets.

Then watch the price of oil crater they panic sell. It will be beautiful.