Oil inches above $100 a barrel as unease grows over Strait of Hormuz

Oil prices are rising for a fourth straight session this morning, with Brent crude above $103 a barrel, as traders grow increasingly uneasy over the lack of progress on U.S.-Iran diplomacy and tensions in the Strait of Hormuz.

After a wave of hope in recent weeks, it seems investors are starting to come to terms with the idea that disruptions to energy markets may be longer than originally anticipated. Traffic through the strait remains close to a standstill, and even if the waterway reopens soon, analysts say it will take a while for Gulf oil production to ramp back up.