U.S. oil prices soared more than 2 percent to a 14-month high above $100 a barrel on Wednesday, following a decline in crude stockpiles and concerns that unrest in Egypt could disrupt oil supplies from the Middle East.

Crude futures rose as high as $102.18 in Asia trade, having tested the $100-mark in the New York session. By mid-day in Europe, Nymex crude was off its highs at $100.97, up 1.38 percent.

Oil prices have risen more than 5 percent so far this week. Worries about Egypt also boosted Brent crude futures, which rose more than $1 to just above $105 a barrel.



(Read More: US Oil Flirts With $100, Boosted by Egypt Turmoil)

"If the trend continues we could get a move to $108 but that's likely to be short-lived," Daryl Guppy, a technical strategist and CEO of Guppytraders.com, told CNBC Asia's "Squawk Box."

Instability in Egypt and Libya has bolstered crude oil prices amid concerns about the supply of oil from the Middle East.

Egypt's President Mohamed Morsi has rebuffed an ultimatum from the army to resolve growing opposition to his government, which comes barely two years after long-time strongman Hosni Mubarak was ousted in a wave of similar protests.

(Read More: Scenes From the Egyptian Protests)