Waves of oil price thanks to $110 for the first time in two years

German oil firm Wintershall has stopped oil production at its Sarah Libya photo oil field: AFP/GETTY.

Brent crude hit a maximum of $111.85 in London as he broke through the mark $110 for the first time since September 2008, so that benchmark crude for delivery April on the New York Mercantile Exchange rose more than 4 $ to $99.50 MIDI.

Major oil companies Western, such as the Italian firm Eni and Repsol-YPF the Spain suspended production in Libya, while UK giant BP began evacuating personnel.

Some analysts fear that NYMEX crude may break beyond its 2008 of approximately $147 record if political instability spreading to countries such as the Iran and Saudi Arabia.

Véronique riches-Flores, Societe Generale Economist said: "by pushing oil prices to highs of two years during the past 24 hours, Libyan riots gave a new dimension to the process of the revolution in North Africa."

She added: "resulted in the rapid spread of unrest throughout the region investors to imagine worse and become increasingly concerned about the risk of another oil shock in price."

Disorders are propagated Tunisia and the Egypt, but the Libya is the largest exporter of oil major to be affected by the crisis.

Hundreds of Libyans were killed in violent clashes between anti-government demonstrators and forces loyal to dictator Colonel Muammar Khadafi these days.

And as colonel Gaddafi refused to relinquish power, promising to fight for his "last drop of blood", the oil price continues to surge.

Howard Wheeldon, strategist over the BGC Partners said that he saw no price level inversion "long".

He added that market uncertainty caused by the tensions throughout the Middle East and the North Africa will grow Brent crude at $120 per barrel.

He said: "If the current political crisis will be enough to push the price above $147 a barrel level (90 pounds) record remains to be seen whether my opinion is that this will probably not tested yet."

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