Oil prices are pulling back from 3 and a half year highs after a leap in the U.S. oil rig count and a relatively calm weekend when it came to geopolitical tensions. Drillers added 10 oil rigs and 3 gas rigs bringing the total oil rig count to 844, the highest level since March 2015, according to Baker Hughes.

Despite the U.S. pullout from the Iranian nuclear deal and Iran's ill-fated attempt to lob missiles into Israel's Golan Heights, the Iranians figured perhaps that the aggressive behavior might lose the support from China, France, Russia, Britain, and Germany who want to stay in the Iranian nuclear accord.

Yet, the U.S. is warning that any company, foreign or domestic, that deals with Iran may be subject to actions from the U.S. The Guardian reported that John Bolton, Trump's national security adviser, predicted that “the Europeans will see that it's in their interests to come along with us” rather than continue with the 2015 deal, under which major European corporations have signed billions of dollars of contracts in Iran.

This comes as companies are seizing assets back from Venezuelans as the country is in total collapse. The Wall Street Journal Reports that Conoco seized all of Venezuelan Oil Assets in Curacao and that a rush of creditors trying to seize assets has disrupted Venezuela's oil exports at a time when they already are plunging.

The Journal says that ConocoPhillips has moved to take control of PDVSA facilities in the Caribbean after winning a $2 billion legal judgment tied to Venezuela's seizure of its assets in 2007. That move alone hurts Venezuela because that storage and refining infrastructure is needed to blend the country's heavy crude with lighter varieties and make it suitable for sale abroad. Energy economist Philip Verleger estimates the issue could cut off exports as much as 500,000 barrels a day out of the 1.4 million Venezuela produces. Coupled with renewed sanctions on Iran, the cutback could push oil prices above the current multiyear highs.