A historic disruption to the world’s oil production sent crude prices smashing through the $100 barrier Monday for the first time in nearly four years, before prices settled just below $100.
As the war with Iran drags on, oil futures could have considerably more room to run even higher.
In fact, oil prices very nearly hit $120 a barrel overnight before reports surfaced that Western nations would discuss steps to alleviate high fuel prices. That eased a bit of tension in the marketplace.
US crude prices settled at $94.77 a barrel, up 4.3% Monday. Brent, the international benchmark, rose 6.8% to $98.96 a