Oil prices rise on supply worries

World oil prices rose by more than one dollar in Asian trade Monday on supply concerns amid the escalating fighting between Georgia and Russia, dealers said.
In afternoon trade, New York's main contract, light sweet crude for September delivery, was up 1.54 dollars at 116.74 dollars a barrel.
London's Brent North Sea crude for September delivery gained 1.80 dollars to 115.13.
Supply disruptions are once again a major concern. The head of Azerbaijan's state oil company said Saturday that exports had been halted via two Georgian ports due to the fighting.
That announcement came shortly after Georgian Prime Minister Lado Gurgenidze said that Russian warplanes had staged a raid near the Baku-Tbilisi-Ceyhan (BTC) pipeline, the world's second longest.
Georgia does not produce oil but the country is a key transit point for crude and gas exports from Azerbaijan to markets in the West.