Oil hit two-year high in the Asian trade today as turmoil continued to wrack West Asia and threatened to spread to other bigger oil producers in the region.
New York’s main contract, light sweet crude for April delivery, rose $1 to $99.10 per barrel after passing the $100 mark for the first time since October 2008 on Wednesday. Brent North Sea crude for delivery in April was up 85 cents at $112.10.
Fears of unrest spreading throughout the region from embattled Libya was pushing crude prices up.