Crude Oil futures are continuing to face resistance at $103.37/bbl, but Iran’s saber-rattling is the most bullish factor driving the market. Nymex Crude Oil for February delivery settled $4.13, or 4.2%, higher at $102.96/bbl Tuesday, marking the contract’s highest finish since May 10. ICE Brent crude settled up $4.79 at $112.17/bbl, a seven-week high. Iran’s army chief warned a U.S. aircraft carrier not to return to the Persian Gulf following a visit to Dubai. The warning raises expectations that additional sanctions against the world’s third-largest oil exporter could be forthcoming. Nymex Crude Oil for February delivery is down 11 cents at $102.85/bbl on Globex.
EasyForexNews Research Team