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Quick Take: Turmoil in Egypt Pushes Oil Higher

NEW YORK ( TheStreet) -- With so much geopolitical unrest around the globe, crude prices are beginning to heat up. Giving us her take from the pits is independent floor trader Cindy Wexler and TheStreet's Jeanne Yurman.

While traders have been mainly focused on Syria, Iran and Turkey, they now have a new country to add to their list: Egypt.

While Egypt is not a large oil producer, it does control the Suez Canal. If it closes the vital chokepoint, crude supplies would be crippled, driving the price higher.

Wexler says that along with a bullish inventory number this morning, traders are afraid to go into the weekend short crude. Both are lending a hand in crude breaking through the $100-a-barrel level, a 14-month high.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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