An escalating turmoil in Libya is causing a headache for the European Union (EU) economy by pushing up oil prices and stoking inflation fears in the 27-nation bloc.
U.S. crude oil price briefly crossed 100 U.S. dollars a barrel on Wednesday, hitting the triple digits for the first time since October 2008 amid concerns that chaos in Libya, the world's 15th biggest oil exporter, could disrupt supplies.
It was expected that world oil prices would remain at high levels for the time being, which abruptly increased inflation risk in the EU and may force central banks in Europe to raise interest rates sooner than later.
For more: News Analysis: Turmoil in Libya causes headache for EU economy
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