LONDON, Feb 19: World oil prices soared above $98 per barrel on Tuesday, which was not far from last month’s record peak, as the market was energised by simmering tensions in key producing nations.

Traders said the speculative gains were driven by geopolitical concerns arising from tensions in Venezuela and Nigeria, despite worries about a possible slowdown in demand from key consumer the United States.

New York’s main contract, light sweet crude for delivery in March, won a hefty $2.90 to $98.40 per barrel. Brent North Sea crude for April delivery leapt $2.23 to $97.14.

“Oil futures surged higher amid technical buying underpinned by the ongoing saga between Venezuela and Exxon and on speculation surrounding Opec’s next move when they meet in March,” said Sucden analyst Nimit Khamar.

Crude oil prices neared the historic peak of $100.09 per barrel that was struck at the start of January.—AFP