The price of NYMEX crude oil rose above $100 following the Fed’s announcement of QE3 and civil unrest in the Middle East – much of it contrary to US interests. The price reached an intraday high of $100.42. While the fallout from the Fed’s decision may fade, the problems in the Middle East are unlikely to go away – at least not yet. Violence spread to Libya, Egypt, Afghanistan, Tunisia and Sudan.

The New York Times reports that protests have begun near U.S. diplomatic buildings in Germany and the UK.

And the problems between Israel and Iran over the latter’s weapons program have not yet been resolved. The Israeli government continues to press the U.S. for details on benchmarks for Iranian weapons development projects. At some point, Israel wants the U.S. to work with it to attack Iran.

The impact on U.S. gas prices continues. The price of an average gallon of regular fuel nationwide was $3.867, up from $3.710 a month ago. In some large states, including California and New York, the price is already over $4.

Douglas A. McIntyre

Filed at: 24/7 Wall St. Wire, Oil and Gas Tagged: featured