Crude oil prices break $100

BRENT crude oil prices broke the $100 a barrel mark for the first time in more than two years following fears that the civil unrest in Egypt would block the Suez Canal.

The price of crude on the futures market rose 63 cents on Monday as prices hit $100.05 — the highest future price for Brent crude since October 2008.

Oil prices have already risen by more than 15% in 2010 and experts warned that prices of $110 are not far away as the weak US dollar and high demand continue to push up prices.