Looks like there are a couple good reasons for oil to go back up: Tensions surrounding Iran increase once again: Iran given two-week deadline to end the nuclear impasse http://www.guardian.co.uk/world/2008/jul/20/iran.nuclear There's a tropical storm brewing: Predicted to strengthen as it reaches the gulf according to weather.com report. http://www.weather.com/maps/maptype/satelliteworld/caribbeansatellite_large.html Depending on the rhetoric and storm intensity I could see a retest of the highs in the next week.