I looked through a bunch of the oil related stocks from gas companies to deep water drillers. Volume is low. I've been largely trying to not read much news anymore, but to just focus on the stock prices.
Well oil is like food, and people do not stop eating! News... ...Energy Stocks Will Soar In 2012 http://seekingalpha.com/article/315482-peak-oil-is-here-energy-stocks-will-soar-in-2012
Why should the market freak out over this? The war games are meaningless, nothing is actually going to happen unless we bomb Iran, or let the Israelis do so.