> Citi: Crude prices likely headed to $120 per barrel

0011 GMT — Oil rises in early trade on lingering risks of a prolonged U.S.-Iran war. Crude-oil-price volatility is likely to persist on conflicting news flow about the war, Citi Research’s Eric G. Lee says in a research report. “Our base case scenario assumes a continued conflict and disruption to the Strait [of Hormuz] for 4-6 weeks, before dealmaking starts in earnest,” the energy strategist says. This could mean near-term oil prices as high as $120 per barrel at times, Lee adds. Front-month WTI crude oil futures are 1.1% higher at $91.35 per barrel; front-month Brent crude oil futures are 0.9% higher at $103.10 a barrel.