Oil prices are surging toward $100 a barrel. Here's what that means for you

Oil prices are swinging dramatically, with recent peaks pushing close to a major milestone: $100 a barrel.

The possibility of Russia invading Ukraine is the driving force, but there's more at play than the risk of war. And complicating predictions further, the possibility of a deal with Iran is hovering in the background.

Here's what to know as crude prices hover within striking distance of the triple digits last seen in 2014.

Yes, the tensions in Ukraine are a key factor

Brent crude prices surged to as high as $99.50 early on Tuesday, after Russia said it was sending troops to Eastern Ukraine. There is considerable debate about whether that would constitute an invasion, though U.S. and European countries are drawing up sanctions.

However it's defined,an invasion would clearly have a devastating impact and elements of this ).