Egypt's Unrest Causes Oil Prices to Surge

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Experts say the chaos in Egypt is one reason why the price of oil is on the rise.

Global oil prices surged Tuesday, reaching its highest level since May 2012.

Traders are concerned about oil supplies making it through the Suez Canal, which is controlled by Egypt. Much of Middle East crude oil passes through the Suez Canal.

"Egypt pretty much remains in focus, and traders seem to have priced in a further escalation of the current unrest," Michael McCarthy, chief market strategist at CMC Markets in Sydney, said.

Oil rose to $107 and that means higher prices are coming to the gas pump.

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