Oil prices eclipsed $100 per barrel for the first time in more than three and a half years Sunday as the Iran war hinders production and shipping in the Middle East.
The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5 per cent from its Friday closing price of $92.69.
West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $106.22 a barrel. That's 16.9% higher than it closed Friday at $90.90.
Both could rise or fall as market trading continued.
The increases followed the U.S. crude price jumping by 36 per cent and Brent crude rising by 28 per cent last week.
Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.
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