Oil prices spiked more than 2 percent Monday after news flashed on the wires about a British yacht crew being detained in Iran. Traders were already on high-alert after report this morning that the Iranian government plans to expand its nuclear program.

Pittsburgh is known for its three rivers. To me, it's been three cities over the past 30 years. And now the city that G-20 visitors will see can credit those institutions for helping it weather this financial crisis.

If tighter regulations aren't actually put into place, these insane prices moves in the oil market are likely to continue

"This is a momentous occasion in Iran, but everyone (in the oil market) is watching the dollar," one trader said.

The oil market has stopped taking its cues from stocks and the dollar for the moment to focus on what's being said in Vienna ahead of Thursday's OPEC meeting.