Brent crude oil prices surged beyond $104 a barrel this evening, hitting the highest levels for more than two years on growing concern that Egypt-style unrest could spread in the Middle East.
Brent crude soared at one point to $104.30, the highest level since September 25 2008. This evening, it stood at $104.05, up $3.11 from Friday's closing level. US crude added ten cents to $85.68.
Brent prices were supported by supply concerns in the Middle East as demonstrators in various Arab states drew inspiration from Egyptian president Hosni Mubarak's resignation on Friday, analysts said.
But the price of New York crude, more commonly known as West Texas Intermediate (WTI), continued to lag Brent due to abundant US energy supplies.
Mubarak, in power for three decades before quitting last week, was the second scalp claimed by pro-democracy protests following that of Tunisian president Zine El Abidine Ben Ali, who left office in January after 23 years. Leaders throughout the Arab world have been monitoring events in the two countries closely.
