What are the main reasons for the sharp increases in the oil price?

a) Asian markets have an increased demand for natural resources, not just in oil but other commodities as well.





b) OPEC had tightened the supply.





c) Iraq conflict creates tension.





d) The hurricanes hurt our refining capacity. So even though we had the oil, we couldn't refine it into gasoline and heating oil for a short time, driving the prices upwards.





e) Declining inventory. It's a fossil fuel, and it won't last forever!What are the main reasons for the sharp increases in the oil price?
Depletion in resources and greater demand are two main reasons for increase in Oil price of course u can blame world economy also.