Oil prices jump amid bloodshed in Egypt

SINGAPORE: Oil prices rose sharply in Asian trade Wednesday on growing concerns that the escalating political crisis in Egypt could affect the rest of the Middle East and disrupt world crude supplies, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in August, was up $2.20 at $101.80 a barrel in mid-morning trade, while Brent North Sea crude for August gained $1.11 to $105.11.

WTI had jumped $1.61 to close at $99.60 in New York, its highest settling point since May 2012. Brent crude spiked $1 to $104.00 in US trade.