The price of US crude oil has hit a record $100 a barrel for the first time, surging by more than $4 on the day. The price of Brent in London also hit a new record of $97.63, up $3.78.
Traders blamed the rise on violence in OPEC members Nigeria and Algeria, combined with a weak dollar and cold weather.
A falling US dollar encourages demand for dollar-priced commodities such as oil and gold, which also hit a new record of $859 an ounce this afternoon, smashing its peak of $850 reached in 1980.
Attacks on Tuesday in Nigeria's oil city Port Harcourt have heightened concern over the potential for further disruptions in shipments from the world's eighth largest oil exporter.
Oil rose nearly 58% last year, the biggest annual gain this decade, rallying strongly in the fourth quarter to touch the previous record $99.29 a barrel on November 21 as the dollar fell and US oil reserves sank.
