Ever since Trump pulled out of the Iran deal, the oil price has surged as excitable traders convinced themselves that a war was imminent.
If they'd been paying any attention to the presidential campaigns they'd realise that Trump is reluctant to go to war (as opposed to doing a few airstrikes) and his base are particularly angry about Iraq and Afghanistan. There was no way he'd commit troops to take on Iran.
In the meanwhile Iran was likely to be able to continue selling oil anyway, directly to China for yuan, so it was not likely that supply would dry up. And American producers continue to ramp up production.
My personal guess is that as all the new supply comes on board oil is going to tank. Especially as we are seeing a slowdown in the European economy. Slowdowns always mean less energy used.