Wall Street experts say oil prices have risen lately due to expectations of a global economic recovery, rather than jitters over the geopolitical risk stemming from the Iranian nuclear problem.

Economists say the price of North Sea Brent crude oil gained about 25 percent, compared to early October last year. They say half of the rise is attributable to an increase in demand stemming from expectations of economic recovery.

Brent crude currently trades at 123 dollars per barrel and is expected to soar to roughly 150 dollars per barrel.

Experts added that industrial production, a key indicator of economic recovery, is increasing faster than expected. They say this suggests that shocks from the supply side over the Iranian nuclear issue are less serious than a year ago.