AP
Benchmark West Texas Intermediate crude rose $2.45, more than 2 percent, to settle at $106.72. At one point it hit $106.83, the highest it's been since September, 2008. Brent crude rose $2.25 to settle at $117.20 per barrel.
Libya's oil exports, which went mainly to Europe, are shut down. The rebels have said they plan to start shipping oil again, although how soon that could happen is unclear. Libya exported only about 1.6 million barrels of oil a day, or 2 percent of global consumption, but energy traders worry that unrest will spread across the region to disrupt shipments from OPEC countries like Saudi Arabia and Iran. The Saudis are the biggest oil producers in the world, supplying about 8.4 million barrels a day. Iran produces more than 4 million barrels a day. Anti-government protests in those countries so far have been limited, although unrest continues in Syria, Bahrain and Yemen.
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