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A TV grab taken from Al Arabiya channel shows smoke rising in the sky from Libyan leader Muammar Gaddafi`s fortified Bab al-Aziziya compound, in Tripoli, Libya, 23 August 2011. Photo by EPA/BGNES
Even though Monday saw a drop in oil prices in anticipation of the fall of Libyan dictator Muammar Gaddafi's regime, they have went back up amid confusion over the extent of the rebels' hold on Tripoli.
Early on Tuesday, Saif al-Islam, Gaddafi's most powerful son, popped upn in Tripoli, denying the information that he had been captured by rebels and creating uncertainty about the rebels' progress.
That confusion pushed benchmark oil for October delivery up USD 1.34 to USD 85.76 in electronic trading on the New York Mercantile Exchange.
Libya produced 1.6 million barrels of crude oil per day, nearly 2 percent of global supply, before the war cut output. The North African country is the world's 17th oil producer.
After Libyan exports stopped, Brent reached a two-year high of USD 127.02 in April.
On Tuesday, Al Jazeera has reported citing its own sources that rebels have gained access to the home of Muammar Gaddafi inside the Bab al-Aziziya compound. Hundreds of Libyan rebels are reported to have stormed Col Gaddafi's compound in Tripoli, taking it over.
Other international reports indicated that the rebels have not only entered Bab Al-Aziziya, and have subdued the resistance of the pro-Gaddafi forces but have also started to fire into the air in celebration of their success.
According to EU's Foreign Affairs High Representative Catherine Ashton, the rebel forces controlled approximately 80% of Tripoli as of Tuesday.
Global markets reacted sharply after US President Donald Trump stepped back from imminent military action against Iran, instead tying a suspension of strikes to Tehran’s agreement to a temporary ceasefire and the reopening of the Strait of Hormuz
A severe inflationary surge is still ahead, and current developments are only the beginning, according to financial expert and investor Max Baklayan
The United States has allowed a Russian oil tanker to proceed to Cuba, despite the broader pressure campaign against the island’s energy supplies, according to reports citing American officials familiar with the situation
The European Commission has postponed the planned proposal to permanently ban Russian oil imports, amid rising energy prices driven by the ongoing conflict in the Middle East
Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager with USD 14 trillion in assets, warned that if oil prices reach USD 150 a barrel, the global economy could face a severe recession
The Romanian government is set to introduce an emergency ordinance declaring a crisis on the oil and petroleum products market, alongside a package of measures aimed at shielding both the economy and consumers.
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
A fragile ceasefire between the United States and Iran has coincided with escalating tensions over the Strait of Hormuz, where Iran has moved to tighten control over one of the world’s most critical maritime routes
US President Donald Trump has sharply criticized NATO allies over what he described as their unwillingness to support Washington during the war with Iran, following a two-hour meeting with Secretary-General Mark Rutte at the White House
Lebanon has declared a national day of mourning after one of the deadliest days in recent months, with at least 254 people killed and more than 1,165 injured in Israeli strikes carried out shortly after the announcement of a US-Iran ceasefire
The caretaker government has approved a decision endorsing the Partnership Agreement between the European Union and its Member States and the Mercosur bloc
Several Gulf states have reported missile and drone strikes on their territories just hours after the United States and Iran announced a two-week ceasefire agreement, raising fresh questions about whether the truce is holding on the ground
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