Oil spikes after Egypt announces state of emergency in provinces

LONDON (REUTERS) - Brent oil futures rose by over US$1.50 (S$1.91) a barrel at 1100 GMT, hitting a high of US$107.34 a barrel, after Egypt's army announced a state of emergency in the provinces of Suez - home to the Suez Canal -and South Sinai on Friday.

There was no immediate word on the status of the canal.

US oil futures hit a high of US$102.19 a barrel.