Motorists watching oil rise closely

MOTORISTS are facing into yet another year of rising petrol prices after the price of crude oil peaked at more than $100 per barrel for the first time in two years.

The hike — blamed on the fears of civil unrest in Egypt blocking the Suez Canal — brought the price of a barrel on the futures market up by 63 cents to $100.05 the highest futures price since October 2008.

For Conor Faughnan of AA, yesterday’s rise is not so significant in itself other than the fact that it could mean prices will rise again in three to four weeks.