Oil prices have hit their highest point in more than one year as concerns over the ongoing political instability in Egypt continue to have an impact on the value of the commodity.
The price of US light crude oil hit a 14-month high by growing $1.64 to $101.2 (£66.30) a barrel, while there were also strong gains for Brent crude, which rose 1.76 per cent to $105.76.
Rising demand for oil has also resulted in the price going up, with the US Energy Department revealing that US crude supplies have fallen by 10.3 million barrels.
The Suez Canal Authority has suggested that the turmoil in Egypt is not going to have an impact on the supply of oil on the canal.
Around two per cent of the world's oil supply is transported down the Suez Canal every day, but the body said it "has all the authorities needed for running the Canal without being limited by the laws and the systems of the [Egyptian] government".
Oil rose to over $100 a barrel earlier in the week and it seems likely its value will continue to rise amid concerns over the future of Egypt.
Learn about the Asian markets and CFD trading at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.