The price of Brent crude oil has risen above $120 a barrel for the first time since August 2008 in London.
The rise was blamed on continuing fears about supply due to unrest in the Middle East and North Africa, as well as expectations that demand for oil will increase.
Brent crude was up $1.58 to to $120.28 a barrel this evening, just off its $120.63 peak, which was the highest since August 2008. Brent has recovered after falling below $108 in the aftermath of Japan's March 11 earthquake and tsunami.
US. crude rose 14 cents $108.08, off its earlier $108.78 peak and the highest price since September 2008.
Libya's continuing conflict and unrest in Yemen could pose threats to supply in the Middle East, keeping Brent well supported.
Both Brent and US prices have built on support offered by Friday's report showing that US employment registered solid growth for a second month in March and the jobless rate hit a two-year low of 8.8%, providing optimism about oil demand in a recovering US economy.
