The price of crude oil spiked during yesterday’s trading session, reaching as high as $101.81 a barrel, before staging a slight downward reversal. Escalating tensions in the Middle East were largely to blame for oil’s bullish trend. Supply side fears are growing as threats from the West to boycott Iranian oil are being matched by Iranian threats to limit exports.

Turning to today, traders will want to continue monitoring the situation in the Middle East. Any increase in rhetoric from Iran is likely to cause the price of oil to go up once again. In addition, should a bailout agreement for Greece finally be reached, riskier assets like crude oil may move up as a result.