Oil Prices Hit Over $106 Per Barrel

Prices have risen despite the announcement of a global coordinated release of 400 million barrels of oil.

Sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain, on June 8, 2011. Hasan Jamali/AP Photo

Brent crude oil futures hit a high of $106.50 per barrel in late Sunday trading, as the conflict in Iran continues to threaten global oil supply.

Prices hit a high of nearly $120 per barrel on Sunday last week, followed by a decline to the low 80s by Tuesday, March 10. Oil prices then surged once more, closing at $103.89 on Friday. Late March 15, prices hit a high of $106.50, after which they declined to $103.93 as of 9:55 p.m. ET.