Updated from Sunday, March 20NEW YORK ( TheStreet) -- Allied forces struck Libya for a second night and oil prices rose to about $103 a barrel as Libyan leader Moammar Gadhafi voiced defiance against allied attacks. Benchmark crude for April delivery rose $1.65 to $102.72 in electronic trading on the New York Mercantile Exchange. The intraday high was $103.35 a barrel. The contract fell 35 cents to settle at $101.07 per barrel on Friday. Gadhafi, in a phone call to state television, said, "We promise you a long war," The Associated Press reported. The dictator has ruled Libya for 41 years. Gadhafi also warned that Western powers wouldn't get Libya's oil, suggesting his forces may sabotage crude installations, AP reported. A military coalition of the U.S., France, U.K. and other nations bombed tanks and anti-aircraft sites Sunday and deterred Libyan fighter jets from flying, AP reported. Gadhafi said he wouldn't resign and pledged to continue to attack the eastern rebel stronghold of Benghazi.
|AP Photo/Anja Niedringhaus|
|A bus burns on a road leading to the outskirts of Benghazi Sunday.|
French President Nicolas Sarkozy said the nations "agreed to put in place all the means necessary, in particular military" to enforce the resolution, according to the AP. Before the coalition attacks began Saturday, Gadhafi had launched an attack on Benghazi, in the eastern part of Libya. Shells shook buildings, and a doctor said that 27 bodies were brought to the hospital by mid-day, the AP reported. > > Bull or Bear? Vote in Our Poll