| Oil prices neared $100 a barrel Tuesday, as traders feared tensions in Egypt could spread to the broader Middle East. U.S. oil prices hovered around $99.50 a barrel Tuesday afternoon, the highest they've been in over a year.
While oil production from Egypt is negligible, the country controls the Suez Canal and pipeline, which move about 4 million barrels of oil per day. Plus, the country is one of the largest and most powerful in the Middle East and North Africa -- home to about a third of the world's oil production.....................................Full Article: Source
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