Analysis: The oil price may continue to stay at a high level.

Naeem Aslam, Chief Investment Officer of Zaye Capital Markets, stated in a comment that oil prices may remain high and are highly sensitive to changes in the Middle East tensions and supply. This chief investment officer said, "The market continues to reflect the increasing geopolitical risk premium due to escalating tensions between the US and Iran and the approaching deadline for the reopening of the Strait of Hormuz." Structural supply tensions and recovering demand are keeping oil prices steadily above $100 per barrel. Near-month WTI crude oil futures rose 2.7% to $115.42 per barrel, while near-month Brent crude oil futures rose 1.8% to $111.69 per barrel.