Reuters - Brent crude rose for a second day on Thursday to surpass $116 after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting longer-term damage on the country's exporting capacity.
Reuters - Time Magazine's intelligence columnist reported on Tuesday that Libyan leader Muammar Gaddafi has ordered his security forces to sabotage the country's oil facilities, citing a source close to the government.
Brent crude oil rose towards US$110 per barrel on Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.
Striking security guards shut Libya’s two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer.
LONDON — Brent crude surged to a six-month high on Wednesday as western countries prepared to attack Syria, raising concerns over the security of oil supplies across the Middle East, which pumps a third of the world’s oil.
The United States and its allies are readying for air strikes against the forces of President Bashar al-Assad, blamed for poison gas attacks last week. But the timing of any action was unclear.
Crude headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and concern that oil facilities in North Africa are vulnerable to militant attacks.
LONDON — Brent crude rose towards $107 a barrel on Friday after Egypt’s army announced a state of emergency in the provinces of Suez and South Sinai, pushing the price to its biggest weekly gain since last June.
The announcement was made after Islamist gunmen attacked an airport in the Sinai town of El Arish, state newspaper Al-Ahram reported.
But so far ports and shipping through the Suez Canal have been unaffected, local shipping agents said on Friday.
Irfan Chaudhry submits: Investors are betting on crude oil prices because of fears of interruption of MENA crude oil supplies. Oil rose 14% MOM. Fighting in Libya may have shut as many as 850,000 barrels a day of output, according to the International Energy Agency.