>Oil prices spiked this morning when Iranian President Mahmoud Ahmadinejad appeared on television, because of uncertainty over what he was going to announce. When he started awarding medals to the troops who had captured the Britons, traders assumed the worst.
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>But by the end of Ahmadinejad's television appearance it was apparent that the soldiers were heading home, and the price of a barrel of oil started to retreat from recent highs, giving up more than $1 to drop to about $64.
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>http://abcnews.go.com/Business/story?id=3007435&CMP=OTC-RSSFeeds0312

Iran is the world 3rd oil producer so naturally oil price depends on political situation there. Actually, $1 drop is very small mostly because oil price is already lifted by economic realities so high that any changes become relatively small.