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The global oil benchmark flirted with the $80-a-barrel level again on Tuesday, underlining concerns that an unexpectedly strong crude rally could eventually begin to weigh on economic growth. The combination of renewed U.S. sanctions on Iran, potential sanctions on Venezuela, a rising geopolitical risk premium, strong demand and other factors have made talk of $100 crude sound less outlandish. Indeed, some analysts argue that the backdrop now leaves the market more open to potential price spikes. So what if oil did climb back to triple digits for the first time since 2014? Economists led by Arend Kapteyn at UBS laid it out in a wide-ranging note on Tuesday. Click Read More below for additional information.

Oil fell on Wednesday as investors took profit on a rally the day before to this year’s highs after a report showed a surprisingly large increase in U.S. crude inventories. June Brent crude futures LCOc2 were last down 27 cents on the day at $69.19 barrel by 1135 GMT, while the May contract LCOc1, which expires on Thursday, was down 16 cents at $69.95. WTI futures CLc1 fell 40 cents to $64.85 a barrel.