Brent crude oil hit $99 mark this morning, nearing the long-anticipated $100 per barrel price. The steep rise in price is partly attributed to political unrests in the Middle East. The Iranian economists follow oil prices closely for implications on the government's cash flow and its ability to execute its subsidy reforms.
UPDATE: The oil passed $100 mark on 1 February.
And it has just passed the $100 Mark!
Brent crude oil price hits $100 a barrel
Good news for Iran as its now holds the OPEC Presidency. Oil should hopefully be heading towards $150 soon.
Oil hits $US101 a barrel as Egypt rages February 1, 2011 - 9:06AM
Oil prices smashed through $US100 a barrel overnight for the first time since the 2008 economic crisis, as traders worried that unrest in Egypt could disrupt oil flows through the Suez Canal.
Oil prices surged to $US101 a barrel for London's main Brent North Sea crude contract, as protesters gathered for a seventh straight day amid threats of a general strike.
Egypt is not a major oil producer, but is home to the vitally important Suez Canal, which carries about 2.4 million barrels of oil a day - roughly equivalent to the daily output of Iraq or Brazil.
Advertisement: Story continues below Egyptian authorities insist the canal is still working at full capacity, but unrest has caused major shipping giants such as AP Moller-Maersk to halt operations in the country.
The threat of delays have prompted some normally reticent oil industry honchos to sound the alarm.
Iran which currently hold the powerful OPEC chair has dismissed calls for any special meeting.
Officials from the Organization of the Petroleum Exporting Countries (OPEC) said there was no shortage of oil in the market and no need to increase production right now.
Severe cold in parts of the Northern Hemisphere this winter has also underpinned oil's recent rally.
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