US Light crude oil prices jumped higher in trading on Tuesday, supported by improved sentiment on the US economy and continued concerns over tensions between Iran and the west that have analysts pondering over the Strait of Hormuz once again.<\/p>\n
Latest WTI Oil Price<\/strong><\/p>\n US Light crude oil futures for April 2012 delivery was trading at $107.07 a barrel, 08.01 GMT today in electronic trading on the NYMEX.<\/p>\n US Economy<\/strong><\/p>\n Hopes for higher crude oil consumption were lifted after data released last week showed the US economy added more than 200,000 jobs for the third straight month in February.<\/p>\n Meanwhile, traders are also keeping a close watch on the tense situation between major crude producer Iran and the West, analysts said.<\/p>\n Strait of Hormuz<\/strong><\/p>\n Kuwaiti oil minister Hani Hussein said Iran’s threat to close the Strait of Hormuz was a major cause for concern. Any closure of the critical oil supply route through the Strait of Hormuz by Iran would last at most a few months because the international community would not allow it to continue, according to the head of ExxonMobil, the US oil group.<\/p>\n Rex Tillerson, chief executive of ExxonMobil has commented that if tensions with Iran over its nuclear programme rose, then oil prices would continue to go up. More dramatic moves would create greater turbulence.<\/p>\n The IEA has warned that if the strait was blocked that only a small share of the oil could be transported along alternative routes.<\/p>\n<\/p>\n