The reports are continuing of an ‘imminent’ Israel attack on Iran and no one is willing to fade oil until it’s clear what is being hit. In all likelihood there will be a further spike if/when the strikes start followed by a ‘sell the fact’ trade so long as the damage to export facilities isn’t catastrophic.

Also keep in mind that if refineries are struck, that could actually lead to more exports as oil is sent out of the country instead of processed locally.

Of course, there are second-order implications to consider as well along with the possibility that Iran could strike back at Israel or deliver on its promise to hit oil production elsewhere in the Middle East.