London: The price of oil surged on March 11 to its highest opening level for almost six months, as US-Iraqi tensions continued to convince dealers to buy crude.

A barrel of Brent North Sea crude for April delivery rallied 62 Cents at the opening to $ 23.95. On March 8, the New York April light sweet crude contract pushed up 13 Cents to $ 23.84 a barrel.

Oil prices have surged in recent weeks as the market anticipates better demand emerging from the economic recovery and frets about Middle East supplies in the light of a diplomatic stand-off over Iraqi weapons programmes.