Ah, I’m not sure you want to look at the price of oil. Much less jet fuel.

But, I guess, alas, there is no choice.

After oil futures posted their biggest one-day surge in history yesterday — $5.49 — oil prices closed up almost $11 Friday, ending trading at $138.75/barrel after European Central Bank President Jean-Claude Trichet suggested the bank could raise interest rates. This news caused the  euro to climb against the dollar.

As all good readers of PlaneBuzz know, when interest rates rise in Europe, or fall in the U.S., the dollar tends to fall against the euro. The falling dollar then also makes oil that much cheaper for buyers everywhere except the U.S.

The current record high of $135.09 was hit on May 22.

Prices were also pushed today by comments made by analyst Ole Slorer of Morgan Stanley, who wrote in a note that he expects a “short-term spike” in oil prices — the result of rising demands in Asia.

I’ll be back in a bit with an update on jet fuel prices.