The price of crude oil today broke through $120 a barrel, setting a fresh record for the black goo. Today’s oil price was pushed up by fresh unrest in Nigeria and geopolitical tension in Iran.

According to a report on the AFP news wire: “New York’s main oil futures contract, light sweet crude for June delivery, briefly hit 120.20 dollars, before slipping back at 1520 GMT to 120 dollars, a gain of 3.68 dollars from the closing price on Friday.”