Crude oil prices have hit their highest levels since 2008 as disturbances in the Middle East reach the oil producing states.
Many of the major oil companies have closed down operations in Libya, which is the world's 12th largest oil producer, as political unrest reached the country's Capital, Tripoli. The news pushed global oil prices to new heights, with Brent crude moving above $108 a barrel.
BP, Statoil, Shell, Repsol and OMV were amongst those companies implementing emergency plans to repatriate its overseas staff and shut down operations in the country.
Libya is one of the latest Middle East states to be hit by public calls for the overthrow of its government and follows the relatively peaceful protests which brought down the ruling parties in Tunisia and Egypt over the last two weeks. However, as with events in Bahrain (which produces around 40,000 barrels of crude per day events in Libya are significantly less peaceful but have a potentially greater direct impact on the oil industry and global markets. Other countries also affected by the current political unrest include Morocco, Yemen, Algeria and Iran, with the latest being Saudi Arabia.
Although probably not the highest priority for Bahrain's Crown Prince, Sheikh Salman bin Hamad al-Khalifah, the Kingdom was not helped by the news that the Bahrain F1 Grand Prix, the opening race of the Formula One season, has been called off on 13 March by motorsport's governing body, the FIA. It may be re-scheduled for later in the year.