Oil Price Peaks

New York crude oil prices skyrocketed to record highs Monday (local time), closing at $86.13 per barrel. The price of Dubai oil, which is the standard barometer that decides the price of crude oil, Korea’s mainstay oil import, also reached record high, closing at $76.57 per barrel. The leap in oil price was spurred by increasing concern over mounting tensions between the Turkish government and Kurdish rebels located in northern Iraq.