Market veterans were expecting oil prices to reach $100/barrel even before the political turmoil in the Middle East and North Africa hit the fan this year, and now that oil’s reached triple digits, predicting prices is more daunting than ever.

After all, oil's trading landscape is more littered than ever with the dreaded "what if" scenarios involving uncertainty over global oil supplies and production, inflation, and economic and political instability.

In other words, there are lots of reasons $100 may be a new norm for oil and lots of reasons why it might not be.

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