The price of oil briefly surpassed $103 overnight, sending stocks and exchange traded funds (ETFs) all over the place.

Suddenly, $100 a barrel is looking like a real bargain.

The price jump retreated, but many analysts believe that oil is set to rise above $103.76 – the inflation-adjusted all-time high that was set in 1980, reports John Wilen for the Associated Press.

Ever-rising oil prices only added fuel to the fire of concerns about the economy, and the Dow Jones industrial average dropped by more than 200 points, reports Tim Paradis for the Associated Press. Overall, though, February has been an improvement over January. Bad news about earnings from Dell (DELL) and insurer AIG (AIG) on Thursday could cause the markets to end February on a wary note.

So far this morning, oil- and energy-related ETFs are down:

• United States Oil (USO)
• iShares Dow Jones US Oil & Gas Exploration (IEO)
• Energy Select Sector SPDR (XLE)
• iShares Dow Jones US Energy (IYE)

For full disclosure, some of Tom Lydon’s clients own shares of IEO.

Tags: Dow Jones Industrial Average, Energy, IEO, Oil, Sector ETFs, USO