Oil surged to a more than two-year high yesterday as the political crisis in Libya threatened to turn into a humanitarian nightmare, as state sponsored forces increased the violence against its own citizens. Reports of escalating violence against pro-democracy demonstrators were coming thick and fast from sources on the ground in Tripoli, where unsubstantiated reports of air strikes against civilians have been given credence by the defection of two Libyan fighter-bombers to nearby Malta. .
On oil markets Brent crude for delivery in April jumped a massive $1.21 in trading yesterday to $106.95 per barrel, its highest since 2008. while New York’s light sweet crude for March, surged an eye-watering $6.45 to $92.65.
Growing concerns over supply from the Middle East and North Africa region, home to more than half of OPEC members, and responsible for much of the global supply has seen investors and hurl cash at the black gold futures.Â
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