Oil prices continued to set post-recession highs Monday as forces loyal to Moammar Gadhafi pounded rebels near a key oil port in Libya.

It's unclear how long the country's oil exports will be cut off, and traders prepared for a worst-case scenario in which world supplies would be under pressure for months.

West Texas Intermediate crude for April delivery gained $1.02 to settle at $105.44 per barrel on the New York Mercantile Exchange.

The price almost hit $107 per barrel earlier in electronic trading, the highest level since Sept. 26, 2008.

In London, Brent crude fell 93 cents to settle at $115.04 per barrel.
The rise in oil is driving U.S. gasoline prices to levels that weren't expected for at least another month.

The national average hit $3.509 per gallon on Monday, according to AAA, Wright Express and Oil Price Information Service.

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