Chart of the Day notes that "increased Middle East tensions" (i.e. “acts of war”) has sent crude oil (Futures) surging to new 24-year highs of $79.70 per barrel.
"While the geopolitical risks associated with the oil supply are difficult to predict, today’s chart illustrates that the average monthly price of a barrel of West Texas Intermediate Crude has had a tendency to rise from July to October as more cars hit the road for the summer driving season. Increased risks on the supply side (i.e. supply disruptions) occurring in unison with increased demand make for a volatile mix indeed."
Note that seasonally, July is a positive, while August & September are hot months for Crude Oil:
Source: Chart of the Day
UPDATE: June 17, 2006 6:14am
Note: These were Futures prices — purchases for delivery in 60 days; Not surprisingly, they often (but not always) lead actual prices by 30-90 days.
Crude Oil traded to a new 24-year high of $76.70 per barrel.