The price for benchmark West Texas Intermediate (WTI) crude oil jumped $3.09 Tuesday.
WTI closed Tuesday on the New York Mercantile Exchange at $109.01 a barrel for October delivery.
Brent crude hit $113.95 per barrel in New York.
Fears of supply disruptions in an already tight market and the possibility of U.S. and allied military action in Syria are impacting the markets.
There was also reaction to reports Tuesday that Saudi Arabia offered Russia a deal for coordinated production, in exchange for help breaking the deadlock in Syria.
Crude prices are up about 20% over the last two months.
Syrian oil production is about 350,000 barrels per day.
With rising crude prices, sovereign wealth funds in the U.A.E., Saudi Arabia, Qatar and Kuwait have seen assets rise by over $2 trillion from two years ago.
Source: Washington Post