Oil surges above $100 as Gulf states cut back production

There was a huge short options position in oil. I know it sounds counterintuitive, but there was so many people, I was one of them by the way, wrong, wrong, wrong, that assumed that the Gulf nations might help out a little bit more, that Iran would go a little bit more centrist. But obviously the appointment of Kamani's son as the new Supreme Leader indicates a very hardline tack will continue.I think that has surprised many people. We saw an attack on a Bahanian oil field as well. And so you get this combi ...