Oil jumped over $1.50 today to fresh two-month highs above $64 a barrel as instability in the Middle East and other key oil producing regions sparked supply concerns.
US February light crude was up $1.51 to $64.30 a barrel this evening, the highest level since mid October. London Brent crude rose $1.79 at $62.92 a barrel.
Analysts said recent events in West Africa and the Middle East underlined concerns about the security of supplies from developing countries, which control a large share of the world's energy resources.
Recent weeks have seen attacks on Nigeria's oil pipelines, a Russia-Ukraine row over natural gas prices that briefly cut European supplies, and closure of Iraq's biggest refinery due to security threats.
Israeli Prime Minister Ariel Sharon's life threatening stroke this week and growing concerns about Iran's nuclear intentions have also kept the market on edge.
