The front-month April Brent contract on London’s ICE futures exchange was recently up $1.95, or 1.9%, at $104.47 a barrel, having hit a two-year high of $105.08 earlier. The front-month March contract on the New York Mercantile Exchange was up $3.33, or 3.9%, at $89.53 a barrel, its highest since Feb. 4.
Antigovernment protests have spread throughout Libya’s major cities, including the capital Tripoli. With violence worsening, several oil companies, including BP PLC, are pulling personnel from the country. Around 50,000 barrels a day of production has been shut down, according to the International Energy Agency.
The IEA is on “high alert” for potential supply disruptions, David Fyfe, head of the IEA’s Oil Industry and Markets Division, said at a conference in London.