Crude Oil Futures (NYMEX: CLW00) have spiked over 12% to $91.05 driven by geopolitical tensions in the Strait of Hormuz and production cuts in Kuwait. Russian Urals oil is trading at a premium in Indian ports, while US retail gas prices have climbed to $3.25 a gallon. The sentiment is bearish for energy consumers as supply disruptions and increased demand for natural gas from Russia create a volatile market environment.