Crude oil futures surged overnight in both London and New York on concerns over political unrest in Egypt.
In London, Brent futures soared to 101 dollars a barrel at one stage, exceeding 100 dollars for the first time in about two years and four months.
Buy orders for crude oil futures increased as investors feared political tension in Egypt could have a negative effect on transportation of the commodity from the Middle East.
In New York, the benchmark WTI crude oil futures rose to over 92 dollars a barrel at one point.
Following the surge on Monday, the International Energy Agency which comprises oil-consuming countries, released an emergency statement, urging oil-producing nations to pay closer attention to market trends.
The statement said that there is no fear for an immediate shortage of crude oil supplies. It also asked oil-producing nations to be flexible in supplying sufficient amounts of crude oil at appropriate prices.