NYMEX crude opens 22 cents higher as Iran stand-off continues

May crude futures on the New York Mercantile Exchange opened 22 cents
higher at $64.30/barrel/barrel Thursday as geopolitical concerns keep prices
pumped up. The ongoing standoff between Iran and the UK regarding the
detention of 15 British soldiers has inflated prices over the past two trading
sessions.

"Finally, there is renewed sensitivity to geopolitical complications, as
demonstrated by the recent spike to $70/barrel in response to the heating up
in the Iranian situation" Kevin Norrish, energy analyst at Barclays Capital,
said in a report.

April RBOB opened 3.28 cents higher at $2.09/gal as Friday’s contract
expiration and the usual lack of liquidity in the front of the curve that is a
hallmark as contracts come off the board factored into the latest swing back
to the upside. In the background is a strike in France’s Port of Marseille
that could impact product exports and low refiner output in the US. April
heating oil opened 61 points higher at $1.8335/gal.