The oil prices collapses over 4%, as Israeli PM Benjamin Netanyahu agrees to President Biden's wishes that Israel do not attack Iran's energy infrastructure. An attack on Iran, by Israel could be imminent.

Which could be seen as a green light for the Israeli attack on Iran at any moment.  Markets maybe over zealous in discounting the severity of Iran and Israel at war, unless oil diplomacy is guiding the way via so called tit for tat strikes on each other.  But, I would not be holding one's breath.

Israel's response will be harsher than their April of this year counter strike on Iran.

Oil is slightly bid over $70, any Iranian civilian targets and casualties will spike the oil price.

Please refer to the above chart with price notes.