![\"Oil](\"https:\/\/shipandbunker.cdn.speedyrails.net\/a\/img\/_asp_d3d85fd82e131ded12df0713d7720eb7.v.652.jpg\")
<\/p>\n\t\t\t\t\t\t<\/p>\n
\n\tBut Gunvor warns of extreme volatility in the months ahead: File Image\/Pixabay<\/p>\n
\u201c<\/p>\n \n\tFrankly, it could be very choppy<\/p>\n Gary Pedersen, chairman and CEO, Gunvor Group<\/p>\n
\n\tConflict-weary oil traders on Monday caused crude prices to rise <\/a>in response to Iran reneging on its promise to reopen the Strait of Hormuz;\u00a0but the gains were far less dramatic than the shock rises that occurred during the early days of the U.S.\/Iran war.<\/p>\n
\n\tBrent climbed 5.6 percent to settle at $95.48 per barrel, and West Texas Intermediate surged more than 5 percent to $88.80 per barrel, after an 11.5 percent plunge on Friday,<\/p>\n
\n\tBy contrast, Brent briefly touched $119 at the height of war fears several weeks ago.<\/p>\n
\n\tThe rest of the week however was assured of volatility, since the ceasefire agreement between the U.S. and Iran expires Tuesday night at 8 p.m. Eastern time, which is early Wednesday Tehran time; and as expected, conflicting messages abounded about the prospect of renewed negotiations.<\/p>\n
\n\tU.S. president Donald Trump said<\/a>\u00a0a U.S. delegation would travel to Pakistan on Monday to hold a second round of ceasefire talks, but Iranian state news outlet IRNA reported that Tehran would not participate, citing the U.S. blockade of the Islamic republic\u2019s ports plus Washington\u2019s \u201cexcessive demands\u201d and \u201cunrealistic expectations.\u201d<\/p>\n
\n\tMeanwhile, escalating tensions also caused Gary Pedersen, chairman and CEO of Gunvor Group, warn that violent price swings could continue for months, and that futures markets haven\u2019t fully priced in the major disruption to physical supply that has crashed with the closure of the Hormuz.<\/p>\n
\n\tHe said<\/a>, \u201cFrankly, it could be very choppy.\u201d<\/p>\n
\n\tAlso on Monday, a U.S. waver has allowed India refiners to boost <\/a>imports of Russia crude, and India\u2019s Directorate General of Shipping revealed that the number of Russian insurers eligible to cover marine indemnity and protection has been raised to 11, up from eight previously.<\/p>\n
\n\tWashington this week extended the waiver for two weeks until mid-May.<\/p>\n