Traders are asking how much further oil can rally after prices climbed above $90 per barrel this week for the first time since October.
Brent crude, the international benchmark, passed $91 per barrel on Friday, taking its gains for the year to 18 per cent. The US benchmark West Texas Intermediate has been even stronger, rising 21 per cent.
The moves upward in the past two weeks, after a month in a tight range, have been driven in part by fears of a widening conflict in the Middle East, including the potential for an Iranian backlash to a suspected Israeli attack on its consulate in Damascus.
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