--- description: Ongoing hostilities between militants and government forces stoke concerns about crude supplies from the North African nation title: Oil Prices Climb on Libya Clashes image: https://static.time.com/v3/assets/bltea6093859af6183b/blt7d216577fea1fce9/69877758cd1bba5f156f4642/libya-image.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close * [Libya](/tag/libya/) ## Libya Update your preferences in [Account Settings](/account/preferences/) Close # Oil Prices Rise as Conflict Rocks Libya by [David Stout](/author/david-stout/) ## David Stout Update your preferences in [Account Settings](/account/preferences/) Close Dec 29, 2014 6:11 AM CUT  Smoke rises from an oil-tank fire in the Sidra port in Libya on Dec. 26, 2014 Smoke rises from an oil-tank fire in the Sidra port in Libya on Dec. 26, 2014Reuters by [David Stout](/author/david-stout/) ## David Stout Update your preferences in [Account Settings](/account/preferences/) Close Dec 29, 2014 6:11 AM CUT Oil prices jumped as markets opened on Monday morning, after falling during two consecutive sessions, as ongoing hostilities between militants and government forces stoked concerns about crude supplies from the North African nation. Fighting in Sidra late last week was responsible for causing a fire at one of the country’s main export terminals, resulting in the destruction of 800,000 barrels of crude, according to Reuters. Over the weekend, the central government struck back at militant fighters in retaliation, launching air raids over the city of Misratah, where one of the country’s strongest rebel groups is based, [reported](http://www.bbc.com/news/world-africa-30616817 "undefined") the BBC. Libya has been in a state of perennial instability since the overthrow and murder of former strongman Muammar Gaddafi in 2011. \[[_Reuters_](http://www.reuters.com/article/2014/12/29/us-markets-oil-idUSKBN0K701D20141229 "undefined")\] ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3648207/oil-prices-libya/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3648207/oil-prices-libya/"},"headline":"Oil Prices Rise as Conflict Rocks Libya","datePublished":"2014-12-29T06:11:58.000Z","dateModified":"2026-02-22T03:09:16.325Z","description":"Ongoing hostilities between militants and government forces is stoking concern","url":"https://time.com/3648207/oil-prices-libya/","keywords":["Libya","Oil","Civil War","Muammar Gaddafi"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7d216577fea1fce9/69877758cd1bba5f156f4642/libya-image.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"David Stout","jobTitle":null,"url":"https://time.com/author/david-stout/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7d216577fea1fce9/69877758cd1bba5f156f4642/libya-image.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Smoke rises from an oil tank fire in Es Sider port","caption":"Smoke rises from an oil tank fire in Es Sider port","creditText":"Reuters","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/libya/","name":"Libya"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/3648207/oil-prices-libya/","name":"Oil Prices Rise as Conflict Rocks Libya"}}]}] ```