Egypt Crisis Drives Up Oil Prices

The crisis in Egypt is adding a fear premium to the price of oil.

CBS News correspondent Anthony Mason reports that crude is now at a two-year high: 92 dollars a barrel.

At least one key global oil price contract topped $100 per barrel, the Associated Press reports.

Egypt itself is not a major oil producer, but Egypt's Suez Canal is a key oil transit route.

Nearly two million barrels a day are shipped through the canal, and another one million move through the Sumed pipeline that also runs through the country.

Live Blog Day 7: Egypt in Crisis

Any disruption there would divert tankers around the southern tip of Africa, a much longer and more expensive route.

At this point, however, most analysts think that's unlikely.

That said, if the unrest in Egypt and Tunisia spreads to the major oil producers in the Middle East, it could certainly have a major impact on our economy.

In that worst-case scenario, you could see oil prices skyrocket, which would put the breaks on our recovery.
  • Anthony Mason

    CBS News senior business and economics correspondent; Co-host, "CBS This Morning: Saturday"

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