Speculation about worldwide central banks embarking on monetary easing programs helped push up the value of crude oil futures past the $100 barrier, according to Bloomberg.
Supply of the energy commodity is also projected to slip as a consequence of western powers' sanctions against Iran. The oil-rich Middle Eastern nation is responding to efforts to control its nuclear ambitions by discharging missiles during training for its military and threatening to obstruct ship traffic in the Strait of Hormuz.
"What you are seeing in the market right now is greater risk appetite as anticipations of further monetary easing grow," commodity markets strategy head Harry Tchilinguirian with BNP Paribas told Bloomberg. "The market's focus is returning back to Iran and the implications of the Iranian embargo in terms of the volume of oil that needs to be replaced."
At 10:46 a.m. on Tuesday, crude oil futures gained 3.34 percent, a $3.25 lift to $100.59 per barrel.
The Wall Street Journal reports the industry-supported American Petroleum Institute is set to release its oil inventory survey later in the day on Tuesday.
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