U.S. crude soared to its highest price in 28 months to hit almost 100 dollars per barrel amid heightened investor concerns regarding rising political instability in the Middle East.

West Texas Intermediate for April delivery rose two-point-eight percent to close at 98 dollars and ten cents per barrel on Wednesday on the New York Mercantile Exchange. This is the highest closing figure since October 2008.

At one point during the day’s trading, the U.S. crude topped 100 dollars a barrel.

Brent crude, meanwhile, also jumped five-point-three percent to over 111 dollars, marking its highest close since September of 2008, right before the collapse of the U.S. investment bank Lehman Brothers.

With German, French and Spanish oil companies halting operations in Libya, the world's 12th largest oil exporter, Reuters calculates that the standoff between Muammar Gadhafi and the rebel factions that now control Libyan oil production has cut output by by at least 25 percent.

Some analysts warn that the international crude prices could hit as high as 220 dollars a barrel.