I also went long Calls on October expiry looking for higher oil by the Fall... Sit and forget strategy.
Bullish or bearish Brent/WTI on the long term? Brent will surely receive the most premium initially from the threat of Hormuz shutdown, but there is some talks about US Shale ultra light crudes being the best replacement for Iranian condensates...
Well, we would be looking at a minimum $80 - $100 if not for prodigious and durable North American production. There will come a time when we get a serious stock market correction which of course would likewise crush the oil market accordingly. Iranian production is about 3800 barrels per day - which is certainly no more than about four percent of global use.
The refining runs have already been converted over to gasoline for the warm months. There is very little supply or demand drivers aside from Jet Fuel in late Spring / Summer for HO.
The play was in the CL M19 - CL V19 Spread (or N-X). You had the correct trade development premise but your choice of expiry and product was schite. Maximize the Summer bid but close it out before hurricane season.