Oil prices rise with escalating violence in Egypt
LONDON (AFP) - Oil prices rose on Thursday, with Brent striking a four-month high point on concerns that escalating violence in Egypt will disrupt supplies from the Middle East, analysts said.
Brent North Sea crude for delivery in September gained 76 cents to US$110.96 (S$140.44) a barrel in London midday deals after reaching US$111.53 - the highest point since the start of April.
New York's main contract, West Texas Intermediate for September, climbed 66 cents at US$107.51 a barrel.
"Developments in Egypt are on centre stage again and will continue to apply upward pressure on oil prices," said Mr Sanjeev Gupta at EY consultants.