Oil prices hit a record high of $92 a barrel on Friday and some analysts say it could climb pass $100.
Markeplace's Bob Moon says the latest spike in oil prices can be attributed to a number of factors, including the economic sanctions the U.S. imposed on Iran and gunmen attacking an oil facility in Nigeria. Another factor is OPEC deciding against increasing production at the moment.
Oil is sold in U.S. dollars in most places around the world. Because the dollar is weak, oil producers have to sell more oil at a high price to maintain their purchasing power.
Analysts say gas prices and home heating oil prices will soon mimic the increasing crude oil prices. But while there is a chance it could pass $100 a barrel, Moon says some analysts say there's a chance the price could fall as well.
Moon talks to Alex Chadwick about the rising oil prices.
The price of oil hit another high overnight. Traders in Asia were willing to pay $92 per barrel.
Two news developments seem to be driving prices higher: One is the confrontation between the United States and Iran. The U.S. announced Thursday sanctions against Iran, which is among the world's biggest producers.
The other development concerns Israel and Lebanon. They are not major oil producers, but news from there also affects oil traders. Lebanese troops fired on Israeli warplanes on Thursday. It's feared that any conflict between those two countries might draw in big producers like Iran, and Saudi Arabia.