The spike brought prices -- at one point -- to over $98 a barrel, which is the highest point they've been in two years. The increase came at the same time as the markets took a nose dive.
One reason for the increase in oil prices, unrest in the Middle East, including places like Libya. Protesters are taking over the country, putting increased pressure on long time leader Muammar Gaddafi.
The country exports 1 million barrels of oil every day, but now those exports are in danger of shutting down.
Still, some experts are urging people to remain calm. These experts say the world could easily handle that change without serious impact.