(TRIPOLI) -- Brent oil prices, which account for two-thirds of the world's crude oil supply, soared to its highest prices since August 2008 Thursday as the Libyan uprising grew more tumultuous.
Brent crude oil shot up 7.7 percent, at one point reaching $119.79 a barrel. Libyan oil exports have been cut in the face of protests and violent government backlash. The OPEC cartel has feared for its safety as popular unrest spreads across the Middle East.
Analysts are not optimistic. Prices are expected to rise incrementally, and may likely surpass the 2008 high of $147.50 per barrel. If the trend continues, U.S. crude oil could reach $159 a barrel this year.
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