Oil prices rose above $93 a barrel to a new trading high in Asia Monday on growing political tensions in the Middle East, a weak dollar and worries about the supply outlook ahead of the winter.

“The strong price is due to supply concerns in general, on top of which we have the geopolitical news,” said Victor Shum, a Singapore-based energy analyst with Purvin & Gertz.

Light, sweet crude for December delivery rose as much as $1.34 to $93.20 a barrel, a new intraday record, in early afternoon Asian electronic trading on the New York Mercantile Exchange, before slipping back to $93.05.

That was still up $1.19 from Friday’s record close of $91.86 a barrel. The previous trading high was $92.22 a barrel, set Friday.

A rumbling of tensions in the Middle East has worried traders about the disruption of oil exports.

Read the full story at CNN

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