01 Feb '11, 12am

Worries over unrest in Egypt has sent oil prices surging to more than US$100 a barrel

Worries over unrest in Egypt has sent oil prices surging to more than US$100 a barrel

Oil topped US$100 a barrel for the first time since 2008. -- PHOTO: AFP LONDON - OIL surged beyond $100 on Monday for the first time since 2008, as traders fretted over spreading unrest in Egypt that could disrupt the flow of oil through the Suez Canal. London's Brent North Sea crude for delivery in March surged as high as US$101 (S$129) per barrel in late afternoon deals - which marked the highest level since October 1, 2008 - moments after passing the crucial US$100 milestone. 'It is quite clear that a risk premium due to the Egyptian situation pushed Brent above US$100 per barrel as soon as the US came into the market this afternoon,' SEB Commodity Research analyst Filip Petersson told AFP. 'In the light of uncertainty regarding the Suez Channel, the SUMED pipeline and a spread of political unrest in the region, we consider the risk premium justified.' Oil has soared be...

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