| Kippreport.com

Unrest in Egypt unsettles the oil market

February 2, 2011 1:31 by shafeer

Despite reassurances from the Suez Canal Authority, Brent crude oil topped $100 a barrel on Monday for the first time since 2008 on concerns that Egypt’s protests could lead to the closure of the Suez Canal and disrupt oil supplies.

Egypt is not a major oil producer, yet its Suez Canal is a strategic oil transit route, which carries around two million barrels of oil a day.

Many fear that demonstrations could spread elsewhere in the oil-rich Middle East, including major oil producers like Libya and Algeria.

Read more: LNG trade unlikely to see major impact if Suez Canal closes; UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan

Source: BBC

Tags: Brent crude oil price, Egypt, Egypt oil market, oil market, oil price, oil price Egypt, oil producers, oil transit route, Suez Canal, Suez Canal Authority, Unrest in Egypt