Libya unrest leads to rise in oil price
Burnt out car in Benghazi, Libya As violence has spread across Libya, European oil companies have begun to evacuate expatriate staff
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The price of oil has risen in response to the turmoil in Libya.
Brent crude had jumped 2.6% by late afternoon to $105.2 a barrel, its highest level since before the 2008 financial crisis.
European energy companies are evacuating some staff from the country, which is a major oil and gas producer for the European market.
Meanwhile shares in Italian oil firm ENI - which is active in Libya - ended Monday trading 5.1% lower.
Italian connection
The Italian company said on Monday that its operations were unaffected by the violence.
Italy buys about one-third of Libya's oil and gas exports, making it the country's biggest customer by far.
ENI has been buying gas from Libya for decades, and is at the centre of a close political relationship between the two countries, according to one analyst.
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Brent Crude Oil Futures $/barrel
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In 2008-09, the Libyan government had considered buying an up-to-10% stake in ENI, although the investment did not go ahead.
Some 13% of the company's revenues come from Libya, and 30% from North Africa as a whole, meaning the firm is highly exposed to instability in the region.
Although market concern about the firm is focusing on the short-term impact of the unrest, the analyst said there were also fears that a change in regime could lead to the Libyan assets of ENI and other foreign investors being expropriated.
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