Oil prices soared on Monday after two crude production bases in Libya started shutting down amid a military blockade. Also, heightening tensions in the Middle East and a production halt in North Africa weighted on sentiment. Iraq temporarily stopped output at an oil field on Sunday and supply from a second site is at risk as unrest escalates in the country. At around 01:05 AM GMT, US crude oil jumped 1% to $59.17 a barrel. The global benchmark, Brent crude, rose 0.8% to $65.61 a barrel.
