Crude oil prices are rising, with some grades trading above $100 a barrel, indicating restricted supply.

Nigerian crude Qua Iboe and Malaysian crude Tapis reached their highest levels of 2023.

Brent oil futures reached $94.89, and dated Brent was just above $96.

Brent futures are projected to rise beyond $100, and Brent futures might hit triple digits.

The oil market is dominated by Saudi Arabia and Russia.