Get ready to bend over at the gas pumps.

LONDON (Reuters) — Oil surged more than 7.5 percent to its highest since August 2008 on Thursday on concern that uprisings in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia.

Brent crude oil for April spiked up $8.54 a barrel to a peak of $119.79 before easing to around $114.40 by 9:50 a.m. EST. U.S. crude futures for April rose as high as $103.41, the highest September 2009. They were up $1.70 at $99.80 at 8:50 a.m. EST.

Unrest in the world’s 12th-biggest exporter has cut at least 400,000 barrels per day (bpd) from Libya’s 1.6 million bpd output, according to Reuters calculations.

ENI Chief Executive Paolo Scaroni said Libyan output had fallen much more dramatically, estimating it was putting 1.2 million barrels per day less into the market.