Keeping the fundamental basis for assessing oil aside, let's look at both US crude oil and Brent oil. Using 200-day moving average extensions, we find that today's high in US crude oil of $119.48 stood 88% above its 200 DMA, well above the 79% during the 1990 GulfWar, when it peaked at $40. Meanwhile, Brent oil hit a high of $119.50, equivalent of 80% above its 200-DMA. This compares to the 92% > 200-DMA in 1990. Does this mean Brent will not retrace until it matches the 92% > 200-DMA? Considering Brent's 200-DMA of $64, adding to it 92% we get $123. Will oil rally stop when Brent hits $123?. It is possible. US officials insist on finishing off Iran's arsenal, while reports of intercepted missiles in the Guld region continue. 

Most importantly: Notice how gold is now behaving like a risk-asset, rising and falling along with indices. 5000 has proven to be a solid support and even fast pullbacks to 5030/50 have proven to precede violent rebounds.