Oil jumped to a more than two-year peak as Saudi Arabia's crown prince cemented his power through an anti-corruption crackdown.

Oil prices hit their highest since July 2015 as Mohammed bin Salman's purge led to arrests of royals, ministers and investors including prominent business billionaire Alwaleed bin Talal.

The news stirred concerns of Middle East money pulling out of some Asian markets.

Brent futures were up 32 cents at $62.39 a barrel, the highest since July 2015. U.S. crude added 20 cents to 55.84.

Bin Salman's reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year, and a higher oil price is seen as beneficial for the market capitalization of the future listed company.

Saudi Arabia pursued a sweeping purge of the kingdom's upper ranks on Sunday, saying it would freeze the accounts of dozens of princes, ministers and a tycoon arrested as the crown prince cements his hold on power.

Prominent billionaire al-Waleed bin Talal — ranked among the richest men in the world — was among the princes arrested late Saturday, a government source told French Press Agency (AFP), immediately after a new anti-corruption commission headed by Crown Prince Mohammed bin Salman was established by royal decree.

Separately, the head of the Saudi National Guard, once a leading contender to the throne, as well as the navy chief and the economy minister were replaced in a series of high-profile sackings that sent shock waves through the kingdom.

The dramatic shake-up comes at a time of unprecedented social and economic transformation in ultra-conservative Saudi Arabia, as Prince Mohammed steps up his reform drive for a post-oil era.

Saudi-owned Al Arabiya television reported that 11 princes, four current ministers and dozens of ex-ministers were arrested as the commission launched a probe into old cases such as floods that devastated the Red Sea city of Jeddah in 2009.