Geopolitical events like Iraq have created oil prices that seem to refuse to go below $60. The market has been strong all week because it's trading on the underlying commodity.

Interest rates probably aren't high enough. The Bank of Canada will keep raising until it sees some moderation in the housing market and employment.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

The situations in Nigeria, Iran and Iraq remain uncertain. Fears of supply disruptions from these oil-producing nations remain.

It has been estimated that 80 percent of the oil illegally smuggled out of Iraq under 'oil for food' ended up in the United States,

The war is a factor because production in Iraq is down a third because insurgents continually are attacking the oil wells, ... In World War II, we provided all our own oil. Now we provide only 50 percent of what we use, which means we import a lot.