Oil was trading back at $134 a barrel, bringing gains in the last two days to $12, amid a weaker dollar and fresh supply concerns.
The dollar fell further after the US reported a surprise jump in the unemployment rate in May, prompting more worries about a possible recession.
Remarks by Israel's transport minister that an attack on Iranian nuclear sites looked "unavoidable" and a Morgan Stanley report predicting oil could reach a record high of $150 by July 4, also sent crude prices roaring upwards.
Sean I. from Washington writes, "As I see it, the high price of oil is due to the confluence of a number of events (including).. 1) The declining value of the dollar 2) deficit spending (Iraq) 3) the growing economies of China and India and more.
The surge has many investors wondering if more government regulation on oil trading can be far behind.
Sally, a Fast Money fan writes, "...more government oversight is going to be needed in order to keep this country strong, or should I say get it strong again. We waited too long for regulation in the banking and mortgage industry and appears it's true for oil too."
And that leads to our Fast Money Reader Poll. Do you think the $12 surge in oil prices stems from speculators driving prices higher?
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