Told ya it’s going to hit $100/barrel by summer…
Crude prices rose to their highest level since the 2014 shale-induced oil crash, a milestone in a rally that is gathering momentum as geopolitical tensions threaten to knock supply.
Futures for West Texas Intermediate, the main grade of U.S. crude, added 1.7% to $85.20 a barrel Tuesday morning. If the contracts settle above $84.65 a barrel, it will mark their highest closing level since October 2014, when oil prices were moving in the opposite direction as a gusher of U.S. crude flooded the market.
It took the oil market several years to recover from the price decline set in motion by America’s re-emergence as an oil-producing superpower. The rebound from the coronavirus crash of 2020—when U.S. crude futures turned negative as the world struggled to find places to store oil—has been much faster.