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Tuesday, February 17, 2015
In London Brent crude rose to nearly $62 per barrel February 16 on concerns over the escalating conflict with ISIS militants in Libya, as well as rumors of lower supply levels in H2. Crude trading in the US had a day off due to the President’s Day holiday.
Egypt’s air force bombed Islamic State targets inside Libya after ISIS militants released a video showing the beheading of at least a dozen, but more likely 21, Coptic Christian Egyptians that had been kidnapped in neighboring Libya. Egyptian authorities said the bombing hit militant camps, training sites, and weapons storage areas in Derna.
The Derna bombing has brought the internationally recognized government in Libya to turn their attention to the Islamist State and the Libyan air force is also said to have participated in the attack on Derna.
Egypt has been fighting an ISIS affiliate in the Sinai and the mass killings pushed President Abdel Fattah al-Sisi into expanding his battle against ISIS in Libya.
“There are casualties among individuals, ammunition and the (Islamic State) communication centers,” Libyan Air Force commander Saqer al-Joroushi told Egyptian state television, adding that between 40 to 50 militants had been killed.
“More air strikes will be carried out today and tomorrow in coordination with Egypt,” said Joroushi, loyal to Libya’s internationally recognized government.
Cairo also called on the US-led coalition fighting ISIS in Iraq and Syria to broaden the scope of their operations to include Libya, highlighting how the militant group is expanding its reach around the Arab world.
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