Analysts: Oil Prices Begin "Breaking $100" Sprint, Strait of Hormuz Deadlock Unsolvable

Odaily News Due to the Strait of Hormuz remaining effectively closed to shipping, supply concerns have pushed crude oil futures to near two-year highs. Peter Cardillo of Spartan Capital stated in a report: "We believe oil prices could accelerate towards $100 per barrel, as the closure of the Strait of Hormuz will remain a challenge in the medium term." He believes "there is currently no easy solution to quickly resolve the supply disruption." (Jin10)