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Crude prices rose in the Asian trade today as Western forces staged air strikes to halt Libyan leader Moamer Kadhafi’s attacks on civilians.
New York’s main contract, light sweet crude for delivery in April, gained $1.88 to $102.95 per barrel while Brent North Sea crude for May was up $2.14 at $116.07.
In the West’s biggest intervention in the Arab world since the 2003 US-led invasion of Iraq, US warships and a British submarine fired more than 120 Tomahawk cruise missiles into Libya late Saturday, US military officials said.
The joint action by the United States, Britain and France came after the UN Security Council authorised the use of “all necessary means” to protect civilians and enforce a ceasefire and no-fly zone against Mr Kadhafi’s forces.
“Oil prices have gone up due to military attacks in Libya from UN forces... More oil installations could be damaged due to collateral damage and internal sabotage,” said Mr Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.
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