Oil prices hovered near their highest in 2½ years on Monday as tensions in the Middle East surfaced again after Saudi troops entered neighbouring Bahrain to support the tiny Gulf kingdom’s embattled royal family against a widespread surge in protest.
The political crisis in the Middle East and north Africa, with battles continuing in Libya, outweighed concerns about a drop in oil demand in Japan, the world’s third-largest oil consumer after the US and China, following Friday’s devastating earthquake.
In afternoon trading, ICE April Brent, the global benchmark, traded 5 cents higher at $113.89 a barrel. Earlier, Brent touched a session high of $114.18 a barrel.
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