On January 17, 2006 crude oil for February delivery rose by $2.38 (3.7%) to $66.30 a barrel. This was the highest increase since early October 2005. Observers believe that violence in Nigeria, and Iran's friction with the West are responsible for this price increase. Continued concerns about Iran raised the price to $68.38 on January 31. However, due to rising stockpiles of crude oil and an abnormally warm winter, as of February 14th, the price of crude had hit a 2006 low of $59.60.

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