After a sharp rise on Friday, when oil at the moment rose in price by more than 9%, on Monday quotations remained volatile, but stabilized near the $72 mark. New strikes on energy facilities have heightened fears of supply disruptions, especially if transportation through the Strait of Hormuz, through which up to 20% of the world's oil passes, is affected. Despite the risks, there is still no panic in the markets and prices are relatively stable. Apparently, market participants are relying on the ability of Saudi Arabia and other OPEC members to increase production. Meanwhile, Chinese refiners, dependent on Iranian supplies, may be forced to quickly seek alternative suppliers.Technically, the price is now in the middle of a wide range and markets are waiting for clarity.