Belfast Telegraph

Sunday 21 September 2014

Oil breaks $100 a barrel

An Egyptian family riding a scooter pass by a fire-damaged shopping mall guarded by an army tank in Cairo, Egypt, Monday, Jan. 31, 2011. A coalition of opposition groups called for a million people to take to Cairo's streets Tuesday to ratchet up pressure for President Hosni Mubarak to leave. (AP Photo/Amr Nabil)
A man standing on lamppost and holding spent ammunition cartridges reacts on Tahrir, or Liberation Square, in Cairo, Egypt, Monday Jan. 31, 2011. A coalition of opposition groups called for a million people to take to Cairo's streets Tuesday to ratchet up pressure for President Hosni Mubarak to leave. (AP Photo/Ben Curtis)
Egyptians protestors clash with anti-riot policemen in Suez, Egypt, Thursday, Jan.27, 2011. Egyptian activists protested for a third day as social networking sites called for a mass rally in the capital Cairo after Friday prayers, keeping up the momentum of the country's largest anti-government protests in years. (AP Photo)

The price of oil rose to over $100 a barrel yesterday, the first time it has done so in more than two years, amid concerns that the turmoil in Egypt could disrupt oil shipments passing through the Suez canal and engulf the Middle East.

The price of a barrel of the benchmark Brent crude soared by more than $1.50 to $101.08 as the protests against President Mubarak's regime intensified.

Prices are now at their highest since September 2008.

Oil prices have been rising steadily since August, from around $70, owing to higher demand, and inflation.

Egypt is not a major oil producer, but it controls the 120-mile Suez canal and the 200-mile Suez-Mediterranean pipeline, which together carry about 2 million barrels of oil each day.

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