Oil prices reached their highest mark since 2014 and the Presidential decision to pull out of the Iran deal is expected to accelerate further price rises with fuel expected to reach up to $3 a litreCNBC has told consumers to prepare for crude oil prices to reach $100 per barrel, with a possibility of prices reaching as high as $150 per barrel on the back of continuing instability in the Middle East. In contrast, during the Global Financial Crisis barrel prices were as high as $193 each. Accelerating prices are causing pundits on Wall street to invest more funds into energy stocks, particularly for shale oil and and gas. However, some pundits predict shale oil - oil produced from rock fragments - could again flood the market as it did in 2014, which would help alleviate the pressure. By the close of business on Friday, Crude Oil was trading above US$77 (AUS$101.88)

Source: Daily Mail May 14, 2018 02:48 UTC