What Is Driving Oil Prices Today?

Wednesday, 18 Jan 2012 | 2:10 AM ET

Simon Wardell, Senior Oil Analyst at IHS CERA, told CNBC, "at the moment we are balancing still between Iran and the euro zone, I think at the moment Iran and the geopolitical risk around what could potentially happen there, the threat of the blockage of the Straits of Hormuz, I don't think anyone thinks that is going to happen but it is certainly leaving the price a little bit higher."