Crude Oil Rises to Two-Year High in N.Y. on Egypt Unrest, Brent
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Oil surged to the highest price in more than two years in New York and Brent crude topped $100 a barrel as a seventh day of unrest in Egypt raised concern that supplies may be disrupted.
Oil capped a five-month increase as opposition groups demanding President Hosni Mubarak’s ouster urged more people onto the streets. Egypt’s Suez Canal, which links the Mediterranean and Red seas, is one of seven “world oil transit chokepoints,” according to the U.S. Energy Department.