The timing of today’s hearing is important as it occurs in an extremely volatile period for oil markets. Here are some of the headlines from the news over the course of just a few days May 3-May 12: Oil hovered near $75 a barrel, within striking distance of record highs, because of mounting tension over Iran's nuclear plans; oil held steady near $70 a barrel after major powers failed to come up with a strategy for containing Iran's nuclear ambitions; oil fell below $70 a barrel on hopes tension over Iran's nuclear ambition will ease after Iran’s President made an unprecedented move to contact Washington.