With more energy needed to rebuild areas devastated by the earthquake earlier this week, US light sweet crude jumped to $127.43 a barrel.
The BBC also reports Goldman Sachs forecasting that oil would reach US$141 a barrel later this year.
Now over US$127 per barrel
As if we weren't bored hearing about oil prices, BBC News Online is reporting that the commodity is now over US$127 a barrel, an all-time high.
Oil prices have hit a record high above $127 a barrel on speculation that China will
need to import more fuel, stretching global supplies.
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Jason Walsh
Jason Walsh is Ireland correspondent of the Boston-based Christian Science Monitor newspaper and has contributed to other publications including the Irish Examiner, the Irish Times, the Guardian, the Independent, the Sunday Times, the Washington Times, El Mundo, PressEurop and USA Today.