New York crude oil shoots back above $100 a barrel

New York's benchmark crude oil futures contract shot back above $100 a barrel in Asian trade today as unrest in the Middle East and North Africa continued to rattle the markets.

The contract for April delivery, known as West Texas Intermediate (WTI), climbed 63 cents to $100.26. The contract reached an all-time high of more than $147 a barrel in 2008.

Brent North Sea crude for delivery in April was up 70 cents at $116.12.

"Clearly everyone is concerned" about turmoil in the Arab world, said John Vautrain, vice president for Purvin and Gertz international energy consultants in Singapore.

He said investors were worried about unrest sweeping oil producing countries and disrupting supplies.

Oil prices have been soaring after popular uprisings toppled the leader of Tunisia in January, followed by long-time strongman Hosni Mubarak of Egypt in February.

Libyan leader Muammar Gaddafi is now fighting for his political life as a rebellion against his rule spread, while protests are rocking other parts of the oil-rich region, including Yemen and Oman.

Western powers yesterday weighed whether military action was a viable option against Gaddafi as leaders of the revolt grew increasingly fearful of counter-strikes by the Libyan strongman's loyalists.

While there was support in some quarters for at least the imposition of a no-fly zone, senior US officials warned that military action to speed Gaddafi's departure could be complicated and have potentially undesirable consequences.