Crude oil prices fell on Friday by $1 in electronic trade after Iran responded to an international offer of economic incentives if it suspends a central part of its nuclear program.

Crude futures fell from Thrusday’s record high of $145.85 in New York to close at $145.29 a barrel.

Jeff Clark in The Growth Stock Wire advised readers on Thursday to watch out for when oil “finally puts in a short-term top and starts to head lower.” Jeff says the bottom will be in place for the stock market when this happens. He says oil is the only indicator now for stocks.

Could Thursday’s peak represent oil’s short-term top? Only time will tell…

Dan Denning in The Daily Reckoning Australia also thinks oil prices may be on their way down, at least in the short-term.

Event-driven price increases are almost all played out, barring an Israeli attack on Iran. If that happens, all bets are off. Keep in mind, though, that oil prices actually fell when the first Gulf War began. They did the same in 2003.