Oil prices fell slightly to near $86 a barrel Friday in Asia as violent protests in the Middle East keep investors on edge about possible crude supply disruptions.

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The price of oil held at two-and-a-half year highs amid fresh concerns that tensions in the Middle East could disrupt oil flows in the region.

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The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

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The new round of talks between Iran, Syria, and Iraq for construction of the Islamic Pipeline will be held in Tehran by February 19, Deputy Oil Minister Javad Owji said here on Tuesday.

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Oil prices fell on Tuesday after China increased key interest rates to help slow inflation in its growing economy. That raised concerns that the country’s thirst for oil would diminish as well.

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A pipeline rupture in Iran has caused a 20-kilometre oil slick along the shores of the Gulf, the semi-official Mehr news agency reported on Sunday.

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Prices rise Egypt’s crisis to blame however oil prices were rising artificially before the peaceful protests in Egypt. The price of crude was pushing towards $100.00 a barrel weeks ago on another unexplained price hike by OPEC.

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Oil prices could more than double to $200 per barrel if the Suez Canal closes because of the crisis in Egypt, though there is no sign of that happening at the moment, Venezuela’s oil minister said on Friday.

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Brent crude rose above $103 a barrel on Thursday after violent clashes in Egypt raised concern of supply disruptions and unrest across the Middle East, overshadowing ample supplies in top consumer the United States.

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As violence has broken out in Egypt, concern has turned to the risk of the blocking of the Suez Canal or nearby pipelines, which could pose a threat to world energy supplies.

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