Another guest sign in name for the Obama basher. The only person who would give Obama so much power...there are other reasons for the rise:

The price of benchmark contract of crude oil in the New York Mercantile Exchange had soared over $10 to a new all-time high of $139.12 a barrel on June 6th , recording the biggest one-day gain in dollar terms, as geo-political tensions were ignited by Israel's threats to strike on Iran over its nuclear programme.

Israel's Transport Minister Shaul Mofaz on last Friday commented that an Israeli attack on Iranian nuclear sites could not be ruled out if Iran continues with its program for developing nuclear weapons.

Potential supply threats due to geo-political tensions and the Atlantic hurricane season and OPEC's unwillingness to increase output despite high prices continue to underpin oil prices.