Why are oil prices so high?

Brent crude oil is cruising at the historically high price of around $110 a barrel despite the threat of a double-dip recession. Why? The price of oil dived 3% on Tuesday as Greece announced plans for a referendum and stock markets panicked. Within 24 hours, Brent blend had bounced back and on Thursday was cruising along on not far short of $110 per barrel. This is historically a very strong