Speaking at the annual CERAWeek energy conference here in Houston, IHS CERA chairman Daniel Yergin cited a variety of factors pushing up the price of oil. He said these included rising demand in the developing world and tensions in the Persian Gulf.
"I think there is definitely concern about the impact of oil prices moving into a range where they take a toll on GDP, where they affect spending, where they take money out of consumers' pockets, where they make it difficult for industries. And I think that we’re on the edge of that."
Yergin said the price of oil is likely to climb higher over the next four months as the full range of new US sanctions against Iran go into effect.