Oil prices jump after airstrikes on Libya

Brent North Sea crude for delivery in May was up $1.23 to $115.16 a barrel in late London trade. New Yorks main contract, light sweet crude for May, added $1.17 to $102.24 a barrel.Oil prices have gone up due to military attacks in Libya from UN forces, said Victor Shum, an analyst at energy consultants Purvin and Gertz. More oil installations could be damaged due to collateral damage and internal sabotage, Shum said.He added, The unrest in the Middle East and North African region may spread to other (parts of the) region, and hence the contagion effect on oil prices remain. Oil supply disruption is going to support prices in its triple digits.International sanctions and unrest have meanwhile virtually halted all of Libyas oil exports.Libya was producing 1.69 million barrels a day before its violence erupted, according to the International Energy Agency. Of this 1.2 million barrels were exported, mostly to Europe. In London, the Centre for Global Energy Studies said the oil market needed a clear unambiguous signal from the OPEC cartel that the lost Libyan production would be replaced, or risk a repeat of the 2008 price surge when crude futures struck record highs above $147 a barrel.