Frank Polich/Bloomberg News
Oil climbed more than $3 early Wednesday to more than $112 a barrel — the highest intraday price in more than two years — on concerns that Middle East tensions could disrupt supplies, Bloomberg News reported.
Crude futures rose $3.23 in electronic New York Mercantile Exchange trading to as high as $112.24 a barrel, the highest intraday price since May 3, 2011, Bloomberg said.
Oil increased $3.09 to finish trading Tuesday at $109.01 a barrel, the highest Nymex closing price since Feb. 24, 2012.
The price rose on speculation that the Syrian civil war could block Middle East supplies, Bloomberg reported. The 2.9% gain was the largest single-day increase since May 2.
U.S. Secretary of State John Kerry said Tuesday that President Obama will hold the Syrian government accountable for using chemical weapons, Bloomberg reported.