Several oil producers said they had suspended or shut down some operations and pulled out workers from the oil-rich North African country, where unrest continued to worsen today.
Crude prices rose despite assurances from other oil producing states that they would step in to address any supply disruptions.
"The markets are just concerned that not only Libya but other countries could be affected by the contagion and unrest," said Tom Bentz, oil analyst at BNP Paribas.
"It's hard to say how high we could go."
Light, sweet crude for March delivery soared $US7.37, or 8.6 per cent, from Friday to settle at $US93.57 barrel on the New York Mercantile Exchange, the highest front-month settlement since October 3, 2008. With the expiration of the March contract, the more heavily traded April contract settled up $US5.71, or 6.4 per cent, at $US95.42 a barrel.
Nymex trading was closed yesterday for the Presidents Day holiday. Brent crude on the ICE futures exchange, which was open for trading yesterday, rose a much smaller US33 cents, or 0.3 per cent, at $US106.07 a barrel recently.
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