Oil prices eased today ahead of talks between the United States and Iran over the potential for a nuclear deal revival. However, Brent Crude and U.S. West Texas Intermediate are trading above the $90 per barrel mark. Both oil contracts recently hit seven-year highs, supported by strong global demand. And according to IHS Markit Ltd. (INFO) Vice-Chairman Daniel Yergin, oil prices will go up to $100 per barrel if Russia invades Ukraine.
In addition, U.S. gasoline prices have risen eight cents over the last week on Russia-Ukraine tensions. And the nationwide average price for a gallon of gas increased to $3.42 on Monday.
