Will Oil Hit $100 On Egypt Unrest? (USL, OIH, BNO, USO, HAL)

With the

getting national attention the past few days,

that oil could hit $100 per barrel, if the Suez Canal is closed or blocked for any extended period of time. Brent North Sea crude oil is already near $100 per barrel, and it seems like it's only a matter of time before West Texas Intermediate hits the magic number. Economic data and central bank meetings could well play second fiddle this week if tensions continue to escalate throughout North Africa with gold, the U.S. dollar and Swiss franc the most likely beneficiaries of a capital flight away from riskier assets,” said CMC Markets analyst Michael Hewson. Hewson goes on to discuss the potential ramifications of a blockage in the Suez. “Oil prices also surged on fears that the turmoil in Egypt could well spill over to the Suez Canal and disrupt one of the major supply routes between the Middle East and Europe. If the uncertainty continues we could well see levels above $100 a barrel very quickly. With the U.S. having to play a canny political game given Egypt's unique geopolitical location the outcome of the events playing out over the next few days could well resonate for months to come.” Investors looking for a way to profit off the trade in oil can do it through ETF's which track the oil complex in a wide variety of ways. If you're looking to profit from the disparity between BNO and WTI, and think WTI is the better bet, going long United States Oil Fund LP ETF

or United States 12 Month Oil

are the ETF's that will most benefit from higher WTI prices. The difference between USO and USL has been mentioned before on

Traders should consider going long United States Brent Oil Fund, LP

, which tracks Brent North Sea crude oil, if you believe that Brent North Sea will continue to outperform WTI. Some have speculated that the drillers like Halliburton

would benefit from an extended period of disruption in the Middle East. Oil Service HOLDRs ETF

is the most well known way to trade this sector in light of what's going on. Disclosure: no position in names mentioned