Israq

More circumstantial evidence on the the ulterior motivation:
Netanyahu says Iraq-Israel oil line will open in near future

Some discussion of the motivational factors online here. Apparently, several pipelines may be reopened or created; for example, through Turkey, which had its flow turned back on.

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And the economic roller coaster ride continues:
Oil prices surge on output fears

As someone who was commenting on supply/demand for silver said, as real supply limitations starts bumping into demand, significant price fluctuations will appear spontaneously. At least that's what has been happening to the price of silver recently (see prior post).