Libya Strikes Raise Risks of Longer Field Halts, Reprisals
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The international military intervention in Libya risks prolonging the shutdown of North Africa’s most productive oil fields as well as reprisals by Muammar Qaddafi’s regime against foreign energy assets.
Crude futures in New York gained as much as 2.3 percent today after the U.S., U.K. and France launched missiles and airstrikes at targets in Libya to halt Qaddafi’s advance on the rebel-held city of Benghazi. Oil has risen to a two-year high during the month-long conflict.