Not much time futures opening soon. Iran is planning to cut oil to EU rather than wait for July, when EU will tell Iran we don't want your oil. Iran is severely hemorrhaging under sanction and trying to bite back. bloomberg link below http://www.bloomberg.com/news/2012-...to-halt-oil-sales-to-eu-states-fars-says.html http://timesofindia.indiatimes.com/...20-to-150-per-barrel/articleshow/11675368.cms US no doubt will use strategic reserves but reserves are not infinite