It's not often I hate to be right. It took only two of twelve months too.
I suppose Libya and Iran have something to do with it, but when oil companies announce their next round of record profits we'll see the real driver: opportunism.
Oil will fall back on profit-taking or when oil traders' innate ADD causes them to fixate on something else. Until the some real or imagined panic provides a pretext for the next spike. All things considered, however, ethically indifferent investors should be long on oil for quite some time.
New prediction: $120 per barrel by July 4.