Oil could hit get to more than $150 a barrel if the unrest being seen in the Middle East and North Africa spreads across the whole of the region, an energy trading house has warned.
Marco Dunand, chairman and co-founder of Swiss group Mercuria Energy, told Reuters:
I don't want to over-hype things, but there are scenarios under which oil could go above $150 without a doubt and those scenarios are to do with stability in the Middle East if things start spreading.
He added that a $150-a-barrel price was a "20% possibility".
The oil price went up another notch this morning after falling back towards the end of yesterday's session.
Brent crude for April delivery is currently trading at $108, almost $2.50 up on the day.
