Oil Shock Fears As Libya Erupts -- The TelegraphThe spectre of full civil war in oil-rich Libya and reports of the creation of an Islamic emirate in country's "Barqa" region has moved the Mid-East crisis into a more dangerous phase, setting off an explosive rise in US crude prices.
"This is potentially worse for oil than the Iran crisis in 1979," said Paul Horsnell, head of oil research at Barclays Capital. "That was a revolution in one country, here there are so many countries at once. The world has only 4.5m barrels-per-day (bpd) of spare capacity, which is not comfortable."
US oil contracts jumped $6 a barrel on Monday to over $95, chasing Brent crude, which traded as high as $108, as the global oil system is drawn into the vortex. While Egypt is a minor oil player, Libya's Sirte Basin holds Africa's largest reserves and supplies 1.4m bpd in exports, mostly to Italy, Germany and Spain.
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More News On Oil Prices And Supplies
Crude oil climbs as unrest in Libya widens -- Washington Post
Oil soars on Libyan violence -- Business Report
Oil Jumps to Highest in Two Years as Libyan Unrest Stokes Supply Concern -- Bloomberg
Gas Prices Going Up -- ABC News
Oil prices jump as violence spreads in Libya -- L.A. Times
Markets shaken by Middle East revolts -- The Daily Mail
Oil price hits two-year high as Libya unrest stokes supply fears -- The Guardian
Oil groups prepare to close down in Libya -- Financial Times
EU, oil companies begin Libya evacuations -- Newsday
Oil Firms Pull Workers Out of Libya -- Voice of America
Libyan Unrest Gets Oil Market's Attention -- Wall Street Journal
The Stealth Return of $100 Oil -- Wall Street Journal
If Libyan unrest spreads, gas could reach $5 -- USA Today
Oil crisis? Maybe not just yet -- Montreal Gazette
The uncertainty over oil is a slippery slope -- The Telegraph
Libya: Why the oil market is nervous -- CNN