Analysts predict skyrocketing oil price to hit $80

World oil prices will likely skyrocket and hit record $80 US levels by the end of the year amid continued unrest on the world stage, including the ongoing nuclear saga with Iran, say analysts.

“We think things are just going to continue to heat up and prices to consolidate during this quarter near the old high of $70 US,” said Vince Lauerman, a global energy analyst at Calgary’s Canadian Energy Research Institute.