The short term expectation is that it will continue to rise at least until a few weeks until the end of the debacle. Then it should stabilize for a bit, but probably not come down until the global oil stockpiles are refilled and the facilities in the middle east that were hits during the conflict are repaired (4-8 months). Then the prices should decline to something just a bit higher than before the debacle. They won't go all the way down given that the Iranian regime was bolstered, and US influence in the region diminished (we've begun drawing down troops in the region and in Europe, a lot of our local facilities have been destroyed, and the US has antagonized traditional allies and is expected to operate at a significant disadvantage at least as long as US policy remains unfocused and belligerent). We generally expected increased prices and volatility for the foreseeable future, and the US is rapidly becoming the most oil-dependent country so it makes sense that we'd be more affected, and it's also a clear asset to target to affect the US).

Long term, the expectation is that the prices will stabilize a bit while demand decreases in most of the world, but they should jump in the next 20 years or so as the reserves decrease (we hit global peak in 2005, and later in the US due to fracking, but we're on downward trends on supply and upward trends on cost to extract again).