The price of Brent crude oil went to the $100 barrier for the first time in over two years amid fears that the Egypt turmoil could possibly disrupt oil shipments passing through the Suez Canal and engulf the Middle East.

As the protests against President Hosni Mubarak's regime intensified, the price of a barrel of the benchmark Brent crude soared by more than $1.50 to as high as $101.08 a barrel and oil prices are now at their highest since start of the financial crisis in September 2008.

Abdullah Al-Badri, secretary general of OPEC, the cartel of oil producers, expressed worries and said that OPEC did "not want 2008 to be repeated," referring to when oil prices hit a record $147. Al-Badri, however, said that the cartel would not increase production on the back of the surge in prices as he believed there was no shortage of oil.

The price of diesel at the pump in the UK reached a new high last week, hitting 133.26p a litre on average and David Cameron provided a hint during a BBC interview that the budget on 23 March could include a "fuel stabiliser" that would reduce the level of fuel duty motorists have to pay when oil prices rise.

Prices of oil have been increasing on a steady pace from around $70 on the back of higher demand as the global economy recovers from the downturn, fueling inflation. The surging prices can put urther pressure on the British government to head off a rise in fuel duty planned for April.