Benchmark WTI crude oil futures topped 100 dollars per barrel in New York trading again on Sunday.
Concerns are growing that the de facto shutdown of the Strait of Hormuz could be prolonged, disrupting global oil supplies.
The uptrend in volatility has continued since the WTI futures surged to 119 dollars per barrel, and plunged back to the 76-dollar level last week. The futures’ hitting the 119-dollar mark was the first time in three years and nine months.
The United States has struck Iran’s largest oil export hub amid intensifying fighting in the Middle East. This has fueled worries among investors that the Strait of Hormuz may remain virtually shut down for a long period of time.
Japan, Western nations and other countries have decided to release a record amount of oil from their emergency reserves in a coordinated manner. But the worries about global oil supplies are persistent.
Market players say that many of investors are skeptical that the escort of oil tankers by the US and other nations will start any time soon, but they are closely watching for any sign that the tensions over the strait begin easing.
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