"The whole Arab world is watching what is happening in Egypt," said James Burkhard, managing director of the global energy consulting firm, IHS CERA. "It is adding a new layer of anxiety about the Middle East, which is the most important oil-producing region in the world."

The price of oil reached more than $100 a barrel this week for the first time since 2008, based on the benchmark Brent contract, which is widely used in Europe and Asia. In the United States, the benchmark price stayed lower, about $92 per barrel on the New York Mercantile Exchange, and was falling off slightly from last week.

Each dollar increase in the price of oil translates to roughly a 2.4-cent-per-gallon (0.6-cent-per-liter) hike