Crude oil futures approached $112 a barrel today following a major aftershock in Japan and amid continuing conflict in Libya.

Prices have been climbing since a week ago, when crude oil futures traded at $106 a barrel, MarketWatch reported. A weakening U.S. dollar and uncertainty about a possible U.S. government shutdown also loom.

“Middle East tensions driving further crude oil gains from these elevated levels will make us incrementally more nervous about energy demand, the economy and inflation,” said analysts with Tudor Pickering Holt said in a note to clients.

Citing a government survey released this week, the Houston-based energy research firm said today that U.S. demand for gasoline has is higher than the year-ago period.

Gold for June delivery also gained as much as 1 percent to a record $1,474.50 an ounce in early trading today, the day after a magnitude 7.1 temblor hit Japan, according to Bloomberg.