"Bush's fault!"
If the speculators ignored Iran for one month, prices would be back to 50 dollars a barrel.
But should we ignore Iran?
Speculators and Green extremists are in bed. The Speculators love all the talk of Peak Oil ( http://www.dieoff.org ) and a new "age of limits to growth" because it spreads fear. And the Green extremists love the artificially (emotionally driven) high prices because they can point to them as "evidence of Peak Oil" and because it drives behavior in their cherished European direction. A real "win - win" between two entirely different breeds of snake oil salesmen. Both groups thirve in an economic environment where emotions, fear and knee jerk reactions trump logic and long term views.