Analyst: Oil prices begin "breaking 100" rally, unresolved stalemate in the Strait of Hormuz

Golden Ten Data reported on March 6 that, as the Strait of Hormuz remains effectively closed to shipping, supply concerns have pushed crude oil futures to nearly a two-year high. Peter Cardillo of Spartan Capital stated in a report: "We believe oil prices may accelerate toward $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 issue."