Supply concerns in the Middle East have surfaced once more, leading to a three-month high surge in oil price, which steadied at $116 a barrel.

Brent futures slipped five cents to $116.20 a barrel, while US crude lost 20 cents to $94.13, reported Reuters.

The Organisation of Islamic Cooperation said on Thursday that it had suspended Syria’s membership at a summit of Muslim leaders in Mecca, citing President Bashar al-Assad’s violent suppression of the Syrian revolt.

Supply concerns doubled after US data released yesterday showed a sharp decline in oil stocks in the country.