NEW YORK (CNNMoney.com) -- Oil leaped into uncharted territory Friday, soaring past the $126-a-barrel mark for the first time, and leaving analysts and investors wondering how high the price will go.
U.S. light crude futures for June delivery hit an intraday record $126.20 in electronic trading, and set a settlement mark at $125.96. That was $2.27 above Thursday's prior record close of $123.69 a barrel.
Continued concerns about supply, particularly from Venezuela in the face of reports that President Hugo Chavez's support of Colombian rebels could threaten the flow of oil to the United States.
The price of a barrel of crude oil has more than doubled in the past year. On May 9, 2007, the active contract settled at $61.55 a barrel.
And if oil has doubled in the past year, what has to happen for oil to hit $150 a barrel?
"This rally has really blown a lot of people's minds," said Andrew Lebow, energy broker at MF Global (MF). "You talk about $150 even a few weeks ago and people say you are a lunatic."
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