Oil prices rebounded overnight to just under USD100 per barrel in New York, as the market responds to various external shocks. Middle East tensions have pushed oil prices higher this year, though the unfolding crisis in the world's third largest economy, Japan, is putting downward pressure on oil. Airlines are caught in the middle - on the one hand facing up to significantly higher costs, and now the potential for revenue/demand-side pressure as fresh questions are raised about the global economy and consumer confidence. We have entered a period of considerable volatility.