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SINGAPORE: Oil prices surged in Asian trade Monday, with Brent crude passing $103 as escalating tensions in Libya fuelled concerns over instability spreading across the oil-producing Arab states, analysts said.

Brent North Sea crude for April delivery jumped $1.13 to $103.65 per barrel, and New York's main contract, light sweet crude for delivery in March, gained $1.17 to $87.37 in the afternoon.

"Both benchmarks have really zoomed ahead this morning. The main driver is really the unrest in the Middle East," said Victor Shum, senior principal for Purvin and Gertz energy consultants in Singapore.

He added that fresh violence in Organisation of Petroleum Exporting Countries (OPEC) member state Libya was igniting fears of instability spreading throughout the key oil-supplying Middle Eastern and North African region.

"Libya is a member of OPEC and even though Libya's oil production isn't very significant on a global basis, it's really threatening close to the main suppliers of crude oil to the world, mainly Middle East and North Africa," Shum told AFP.

Intense gunfire was heard early Monday in the heart of the Libyan capital Tripoli and other quarters of the city as Saif al-Islam Kadhafi, the son of strongman Moamer Kadhafi, warned the nation was on the verge of civil war.

SINGAPORE: World oil prices extended gains in Asian trade Thursday, with the unfolding political crisis in Egypt keeping the market jittery over fears about a wider fallout in the Middle East.

The standoff escalated into violence Wednesday after supporters of Egyptian President Hosni Mubarak clashed with protesters demanding the veteran leader's ouster in running battles that left hundreds injured

New York's main futures contract, light sweet crude for March, climbed 47 cents to $91.24 in Asian morning trade.

Brent North Sea crude for March was up 22 cents to $102.56.

"The unfolding of the situation in Egypt has injected a burst of volatility and uncertainty into oil markets," Barclays Capital analysts said in a client note.

While Egypt is not a major crude producer, the country is home to the Suez Canal, which carries about 2.4 million barrels daily, roughly equal to Iraq's output.

Since the outbreak of unrest in Egypt more than a week ago, oil prices have risen on fears of disruption to the artificial waterway that links the Mediterranean Sea and the Red Sea.

"The situation introduces risks and uncertainties that are likely to be highly significant in terms of the broader political evolution of the region," analysts at Barclays Capital said.

Phil Flynn at PFGBest described the situation as "an uneasy calm."

"Oil shipments through the Suez Canal have not been impacted but tanker rates may still rise," he said.

Oil prices were climbing despite data showing weak demand in the United States, the world's biggest oil consumer.

The US government's latest weekly stockpiles report showed supplies were still growing.

US crude oil reserves increased sharply for the third week in a row, the US Department of Energy said. Crude oil stocks rose 2.6 million barrels to 343.2 million in the week ending January 28, in line with expectations.

At the almost-full depot at Cushing, Oklahoma, reserves rose by 600,000 barrels to 38.3 million.