US crude rallied last week to become the most affordable it has been since four weeks-and in over a few years. Alberta and Oklahoma crude were at its lowest; Brent crude, for its part, had risen in price, but that hasn't done anything to dampen overall optimism that world oil prices might be at its best levels since 2014.

These were boosted by refined fuel use, as well as healthy margins on these. The demand was high enough to keep prices at a comfortable level, according to Albawaba. But that's not the issue here; it is Iran and the lowering supply of their oil. It is because of European investors shying away from their fields, already in danger of being mothballed because of lower production and export cutbacks. Almost, but not quite.

With the world still relying on fossil fuels by the bulk, there are still consumers with orders to fill. Instead, Iran's oil will continue at a pace that last happened during the period between 2012 and 2015. It was back then when the demand for Iranian oil dwindled, leaving barrels to be unused and stocked in a floating status.

Tuesday was a red-letter day for US crude. Prices were up at $72.76, their best since 2014. It even barely grazed the neighborhood of $73 a barrel before settling at the earlier stated price. Crude oil demand has climbed up since the Syncrude facility at Canada failed to complete orders due to a shortage. This enabled US crude to be bought by the bulk to fulfill needs.

CNBC also reports that tensions in Libya can also be cited for the strange shortage. The Libyan crisis still hasn't dissipated and the question of who runs the oil exports coming out of the country is left unanswered. That, however, seemed a little easier to solve. By Tuesday, it was reported that exports coming out of Hariga and Zueitina were constant and exports coming out of the area were also normal.

China and India already have a strategy on how to deal with lowered Iranian oil outputs. Both countries, due to sanctions bestowed on Iran by NATO countries, have switched to other oil-producing nations similar to the 2012-2015 period. China obviously has other sources aside from the US; India, however, is dependent on the US and is forced to comply with rules set by the country.

It is still a question of how Iran will deal with the losses short of agreeing to US sanctions. The US, meanwhile, can hope to keep its good fortune going.