Global turmoil including the Libya crisis and Opec trouble have raised the oil price to $108.74 a barrel.

The US crude oil price soared to $108.74, making this the highest in the last two and a half years. The oil prices were hit since the global conflicts and the financial crisis. This has caused an optimism regarding economic growth.

The cost of barrel crude oil has touched $119.54 on Monday. This amount was just 25 cents less than the two years high which was on 24 February while the Libyan unrest was getting worse.

The oil prices were also increased due to the refusal of Iran, as it is the chair of Opec. Iran refused regarding additional increase in production.

Last Friday, Iranian Oil Minister, Massoud Mirkazemi said there was "no need" for an emergency meeting, where an output hike could be agreed.

Oil prices rose previously while there was a rally in Asian Stock Market, which has observed the highest rise in the last three years.

OPEC however did not comment regarding this issue. The oil prices were mainly affected due to the civil war in Libya, which is the major oil supplier to Europe. The civil war affected the supplies and this led to price hike.