U.S. oil prices are now topping $100 a barrel on news, some speculate, of continued riots in the Middle East. The catalyst this time, however, isn’t from a major oil producing nation like Iran or Iraq but from Egypt, a relatively small producer which doesn’t even export oil.
Millions of Egyptians have taken to the streets demanding the resignation of the country’s president Mohammed Morsi and the Egyptian army has issued an ultimatum that he leave office today. So far, Morsi has refused, setting the stage for more violence in one of the most populous countries in the Mideast. More than 20 Egyptian protesters have died this week alone.
“Nobody likes $100 oil…but we’re right where we’ve been basically for the past four or five years,” says Howard Lindzon, CEO of StockTwits. What’s important now for the U.S. economy, says Lindzon, “is where the trend [in oil prices] is going.”
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