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Commodity Daily News
Oil Prices Shoot Up Following Middle East Tensions
Wednesday, 4 Jan 2012
Tensions between the US and Iran have sent the price of crude oil soaring, as investors have begun worrying about crude supplies out of the Middle East. Oil is trading well above the psychologically significant $100 a barrel level. With relations between Iran and the west unlikely to improve in the near future, traders can count on prices to continue rising for the near future.
Today, any positive news out of the euro-zone could help oil's bullish movement. Investors are currently investing in more volatile assets like crude oil. Further signs that the European economies are improving will likely help boost the price of the commodity.
