Oil climbed in New York after the U.S., U.K. and France launched cruise missiles and airstrikes at targets in Libya and as continuing unrest in the region renewed concerns the turmoil may spread and disrupt supplies.
Futures advanced as much as 2.3 percent after Libyan leader Muammar Qaddafi vowed to repel allied forces pounding military installations. Ninety percent of Bahrain Petroleum Co.’s employees went on strike last week in response to a police crackdown on anti-government demonstrations, while Yemen declared a state of emergency on March 18.
“Bahrain is more of the hotspot rather than Libya,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney. “The focus will have to be on Saudi Arabia and Iran, that is where the powder keg is at the moment and it’s based on Bahrain.”
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