Oil prices neared $90 on Monday amid growing concerns about anti-government protests in Egypt.
US crude increased 22¢ to stand at $89.56 a barrel on Monday, while ICE Brent crude rose 18¢ to $99.60 a barrel at 12.27 ET, the highest level since October 2008, reports Reuters.
Fears that the unrest in Egypt could affect the flow of oil through the country from the Middle East to Europe led to price rally.
The Suez Canal and the Suez-Mediterranean Pipeline, which are under Egypt’s control, moved over two million barrels per day of crude and oil products during 2009.
Crude was also supported by concerns that oil-producing states in the region may face similar protests.
Oil’s rise to 28-month highs also aggravated demand for OPEC to ease inflationary pressure on major crude importers, such as India and China.