Crude Oil Is Going Nuclear

Crude oil is ripping higher again.

On Thursday morning, West Texas Intermediate crude oil was soaring, rising more than 5.5%, or more than $2.75 a barrel, to as high as $51.25.

Recall that earlier this week, WTI fell below $45 a barrel for the first time since April 2009.

Brent crude prices were also up more than 4% on Thursday.

On Wednesday, crude oil spiked violently in afternoon trading in New York, and on Thursday that move was being extended.

It's a crazy day in the market so far, with the Swiss National Bank stealing headlines after a shocking decision to no longer set a price target on the Swiss franc against the euro.

But it is still all about oil.