The Observer | Business | New oil shock ahead as $100 spike looms

The Observer: Oliver Morgan and Heather Stewart| New oil shock ahead as $100 spike looms:"

Oliver Morgan and Heather Stewart
Sunday April 30, 2006

The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.

With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to �1 as he unveiled bumper $5.27bn profits for the first quarter."

Again, no reason for this other than sheer speculation. Holland Tulip Speculation kind of prices.