Oil Up 2% on Libya Shutdowns, Mideast Escalation Fears

OIL PRICE - LONDON. Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies.

Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at $76.38 a barrel, up $1.55, or 2.07%.