Oil markets over-reacting to Egypt protests, say analysts

Egypt and Sudan on a globe under a magnifying glass

The price of a barrel of Brent Crude topped $100 this week for the first time in 28 months, on fears that the protests in Egypt could spread to major oil exporters in the region, or shut down oil transit routes through the country.

From $95.25 a barrel on January 25, the first day of mass protest in Egypt, Brent has risen to hit $103 in trading today. But analysts question whether this price spike is justified.

"We believe markets have over-reacted to the Egyptian concerns," says Scott Darling,