Continue reading the main story<\/a><\/p>\n\t<\/p>\n
\t<\/p>\n
Oil prices have risen sharply after the United Nations authorised a no-fly zone over Libya.<\/p>\n
Brent crude in London crude rose above $116.01 a barrel, up more than a dollar. US light, sweet crude gained $1.53 at $102.95 a barrel.<\/p>\n
Fighting between forces loyal to Libyan leader Muammar Gaddafi and rebels has taken place during the past few weeks. <\/p>\n
The battles come after a series of popular uprisings across the Arab world, which also pushed up oil prices.<\/p>\n
Libyan oil production – which goes predominantly to the European market, for which Brent is the leading price benchmark – is near zero.<\/p>\n
Col Gaddafi’s forces have recently retaken several towns seized by rebels in an uprising.<\/p>\n
‘Roiling uncertainty’<\/strong><\/p>\nFinancial markets have been jittery all this week as events in the Middle East and Japan threatened to take a turn for the worse.<\/p>\n
“The intensity of fighting and the targeting of oil facilities and installations has been a shock to many observers,” energy consultancy Cameron Hanover said in a report. <\/p>\n
“This decision by the UN would seem to extend the fighting for a period of time. The oil market is confused and in a state of roiling uncertainty.”<\/p>\n
In Bahrain, a clampdown on protesters earlier this week raised concern that unrest could spread to neighbouring Saudi Arabia, the world’s biggest crude producer.<\/p>\n
Protests by a few hundred people in Saudi Arabia on Wednesday were put down by security forces.<\/p>\n
The continuing nuclear crisis in Japan also continued to prey on the minds of investors, with concerns that the country is set to increase energy imports.<\/p>\n
Japan’s nuclear capacity – which accounts for nearly 30% of electricity generation – has been crippled following a devastating earthquake and tsunami. <\/p>\n
Eleven of its 54 nuclear reactors are not operating.<\/p>\n<\/p><\/div>\n<\/p>\n
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