Well, you can thank an Iranian.
I guess this is sort of a tutorial on supply and demand -- operating on the premise that there's an increased probability that someone, somewhere... might be tempted to turn Tehran into the world's biggest ashtray.
Oil prices rose to their highest level this year on Monday amid fears that tensions over Iran’s detention of 15 British naval personnel and Tehran’s nuclear programme could escalate into a wider confrontation.On the other hand... in the wake of a cataclysmic event, the rest of the hyenas might prove to be a lot easier to deal with.
The benchmark US crude future price gained 66 cents to $62.94 – a rise of 13.5 per cent over the past week. Analysts said the price could reach $70 later this year.
UPDATE: 27 Mar - No big surprise...
In after-hours trading, U.S. crude oil futures Tuesday spiked more than $5 (U.S.) per barrel to briefly top $68 (U.S.) – the highest mark since last September – after rumours surfaced of military action over Iran's seizure of 15 British marines and sailors.
After the initial surge, prices settled back to $64.50 a barrel, up $1.59 from Monday's close.