Oil Hits $100 as Libya Turmoil Rises

New York, NY, Feb. 24, 2011 -- Unrest in the Middle East pushed oil prices to $100 per barrel Wednesday for the first time in 2 1/2 years.

In addition, gasoline prices rose to nearly $3.20 a gallon, the highest level ever for February.

The uprisings in Tunisia and Egypt earlier this month already had markets on edge before protests escalated in Libya, which has the biggest oil reserves in Africa. The rebellion widened Wednesday as protesters overwhelmed government buildings and advanced around Tripoli, the capital.

Barclays Capital estimates that as much as 1 million barrels per day of production has been shut down so far.