The price for Brent Crude reached a four-year high on Monday, jumping by three percent to more than 80 dollars per barrel (around 160 liters). Markets are being driven by concerns about supply, but that's not the only reason for the rise.
Saudi Arabia is reportedly examining what could happen if it left the 15-country oil cartel OPEC and became a cartel all on its own. The news comes amid increased political pressure from the US, a rival oil producer.
Donald Trump's pledge that the US "won't put up with high oil prices for much longer" has led to speculation about how he may try to force OPEC's hand. Skepticism abounds over whether the price of gasoline will fall.
The temporary closure of one of the biggest North Sea oil pipelines gives some much-needed hope to OPEC oil producers after months of stagnant prices. So far Brent crude oil prices have not budged much.
Global oil prices fell after the US-led airstrikes in Syria at the weekend, having spiked last week on fears Middle East tensions might escalate. Eyes now turn to how Syria's key sponsors, Russia and Iran, react.
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