U.S. oil prices hit a seven-year high Monday, marking an increase of more than 120 percent from just under a year ago.
On Monday morning, American crude prices increased 2 percent to hit $81.50 a barrel, dropping slightly to $81.15 by midday before closing at $80.49, the first time since October 2014 that U.S. crude closed at more than $80 a barrel.
An international natural-gas shortage could soon extend to the oil market, according to The Wall Street Journal. American natural-gas futures reached $6.31 per million British thermal units last Tuesday, the highest in nearly 13 years, and the shortage has affected households across Europe. If the shortage persists as temperatures turn colder, some power plants may rely on oil to make up for the shortfall, boosting the demand for crude oil.