This time we can thank Joe Biden. Donald Trump got the US off Saudi Oil but Joe Biden brought it back.
Oil Price dot com is reporting that "The OPEC+ alliance is widely expected to decide next week to further ease the collective production cuts, but the additional supply from August will likely still be less than the supply deficit on the market, analysts and traders told Bloomberg in a survey."
That means the current jump in price is from collective production cuts - price fixing.
Remember what happened before the price of oil dropped? Saudi Arabia was trying to cut a deal with Russia to cut oil production so the price of oil would go up. Russia said no so Saudi shorted the stock and flooded the market with oil reserves causing the price of oil to drop until Russia caved in to Saudi's demand. Now they cut production so the price will rise. That is haram.
Back in 2011 it was $107 a barrel.
Right now Toronto is only paying $1.31 a litre.