The price of crude jumped more than $2 a barrel as UN forces attacked strategic radar installations and other sites as part of its operations to impose a no-fly zone in the skies over Libya. Oil prices rose on fears that unrest could spread and threaten supplies of oil from the area.
“With the nature of the external military involvement becoming clearer, there is a further escalation of the situation, and the damage to infrastructure might be larger, keeping Libya out of the oil market for longer,” said Amrita Sen, an analyst at Barclays Capital.
Source: Reuters