Oil fell in late trading after Egypt's President Mubarak resigned, bringing an end to weeks of protests that have spooked the energy market.

The price of Brent crude rose sharply early on Friday when it appeared that the Egyptian leader would cling to power, raising fears about the key Suez canal transport route.

Brent, the key London oil contract, has risen more than the US benchmark WTI – at one point trading at a $16 premium – as it is more exposed to the region.

On Friday, Brent pared gains but was still up 24 cents at $101.11 a barrel in late trading, while US crude dropped 23 cents to $86.50.

Analysts cautioned there is still uncertainty. Zakir Lorga, of Inenco, said: "A power vacuum now exists, so the oil markets will continue to be jittery."

Brent Crude closed up 0.56 at $101.43.

The crude oil price went ups and downs following Egypt’s fears and joys. The commodity had experienced an approximately 6 percent price increase since the crisis began on Jan. 25.

Much of that move pertained to the uncertainty surrounding the leadership of Egypt. Although Egypt is not a main oil producer, it controls the Suez Canal, which is an important transportation route for oil from the Middle East.