Brent crude oil hit a four-month high as Egypt’s government declared a state of emergency, adding to concerns about supply shortages from Europe’s North Sea to Libya and South Sudan.
ICE Brent September climbed as much as 0.8 per cent to a high of $110.31 yesterday afternoon, a level last seen in early April.
Egypt, home to the Suez Canal and Sumed pipeline, is a key transit point for global trade in oil. Oil prices rallied strongly in early July when the military ousted Mohamed Morsi as president. The latest boost to prices has come as security services stormed camps holding supporters of Mr Morsi’s Muslim Brotherhood, killing at least 149 people according to the Egyptian Health Ministry.
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