Analyst: Oil prices may remain volatile in the short term.

Phillip Nova's senior market analyst Priyanka Sachdeva said in a research report that oil prices may remain volatile in the short term. The senior market analyst said, "The pain of the conflict between the United States and Iran is becoming evident, with every scarce barrel of oil impacting businesses, air travel, and fuel prices." She pointed out that oil price forecasts largely depend on how long the Strait of Hormuz will be closed. Investors are also concerned about any long-term damage to key oil infrastructure. Near-month West Texas Intermediate futures rose 2.1% to $101.68 per barrel, while near-month Brent crude futures rose 2.6% to $115.49 per barrel.