Oil prices soar to $124 per barrel

Global oil prices have soared once again with Brent crude seeing an 83-cent increase to exceed USD124 per barrel. The price hike came on Monday as US President Barack Obama was going to discuss Iran sanctions in his meeting with Israeli Prime Minister Benjamin Netanyahu. Brent crude oil futures for April rose by 83 cents to a high of USD124.48 while US April crude was roughly flat at USD106.65. Earlier in the day, it had been traded as high as 107.29 per barrel.