Oil prices have dropped a bit of late. Spot prices for crude are down ten bucks from their peak two weeks ago. One reason? The National Intelligence Estimate on Iran, according to This Week in Petroleum:
Still another factor behind the recent decline in oil prices is a lessening of geopolitical tensions. Following the release of the latest U.S. National Intelligence Estimate on Iran, which stated with moderate confidence that Iran had not restarted its nuclear weapons program as of mid-2007, oil market analysts have been less concerned about a possible disruption to Iranian oil exports in the near future.
Also, the US dollar is a bit less weak in the last few weeks- try plotting the oil price in euros, it may look a bit less wobbly.