"It's only a mistake for Russia if they don't collect on the contract before we take out the Iranian regime."
It is probably cash before any delivery. The cash has to be Euros or $'s or gold. Oil futures will not count after what happened to the holders of Iraq's oil futures in that recent war.
Oil is being priced right now for war. If there's a negotiated settlement, the price is going to fall hard. If there's a war, it'll spike some more but methinks a lot is already priced in.