Iran has deployed Revolutionary Guard forces to fight al Qaeda-inspired militants that have overrun a string of Iraqi cities, the WSJ reports.

They say two battalions of elite forces have been deployed and are working with Iraqi forces. They have retaken 85% of Tikrit and were helping out elsewhere. The WSJ reports:

Tehran has also positioned troops along its border with Iraq and promised to bomb rebel forces if they close within 100 kilometers, or 62 miles, from Iran’s border, according to an Iranian army general.

Lots of good news for oil bulls today, fundamental and technical. It’s something I warned about yesterday and I’m long oil.

WTI crude oil

WTI crude oil