When we saw the oil pirces jump from just over $30/barrel to $60/barrel, I thought we were going to see the price go flat.

Not any more with recent trading worries over Iran and Nigeria, now oil is trading over $72/barrel:
http://www.financemarkets.co.uk/2006...tinue-to-rise/

I obviously got it wrong but are we going to see oil continue up to $80/barrel as the Iran situation escalates or are the commodities markets just getting jittery for no reason?

I was surprised, too - it didn't seem to take much at all to trigger the climb to $60.

I think the way the US - Iran situation is going, Cruise Missile strikes on Iranian nuclear facilities are going to be inevitable if Iran doesn't back-down - there's a not a chance the US wants to see any Middle Eastern country with nuclear capability, and outside of US control. That could send the oil prices much higher. To be honest, I think there's future growth in oil commodities if the current market jitters continue.

Brent crude near $75.
http://news.bbc.co.uk/1/hi/business/4925240.stm

Oil fell $1.84 on the NY Mercantile Exchange. Unfortunately, I think it was just profit taking and not the a start of a trend. Anyone agree?

I'm getting itchy. I see oil going higher. Much higher.

Palm- You're probably right that oil will get much higher but temporarily, crude futures fell for the 3rd straight day.

Check out this short article on predicting oil prices. It's really interesting.
http://biz.yahoo.com/tm/060425/14237.html?.v=1

Oil dipped for the 4th straight day to below $71. More profit taking?

Hot Tip: Expect oil prices to keep rising long-term. Supplier is going to continue to beat demand. Investment in oil commodities now is good.

Profit taking, and not enough bad news in the week.

It's a good time to begin thinking about investing in futures for Alternative energy sources....in the next few years they're going to become more important.....

I agree - products that people can buy for their home to produce electricity - IMO, this is going to become a real boom market.