Strikes Against Libya "Within Hours"

- Last night, the United Nations Security Council voted for military intervention in Libya. Current speculation is that action will commence within hours but it's presently not clear what it will entail.

- Gaddafi has promised top take the rebel stronghold of Benghazi and cleanse it of dissidents. However, the U.S. is expected to implement a protective "no-fly" shield around the city.

- France, Britain, Canada, Australia, Norway and the U.S. are contributing forces for the Libyan intervention.

- Gaddafi's son Saif al-Islam says Libya is unfazed by UN resolution and forces will be sent into Benghazi to "disarm" rebels. Meanwhile, in western Libya Gaddafi's military is pounding the town of Misrata.



[0526 EDT, 3/18/11] Breaking! Libya has closed it's air space to all traffic.

[0530 EDT] From French spokesman Francois Baroin:

The military action "is not an occupation of Libyan territory" but seeks to "protect the Libyan people and to allow them to go all the way in their drive for freedom, which means bringing down the Kadhafi regime," he said on RTL radio.

Baroin declined to say "when, how, on which targets, in what form," the strikes will come. "The French who were at the vanguard of this call (for intervention) will naturally be part of the military intervention."

Meanwhile, the imminent military strikes against Libya have prompted trading in oil futures to jump above $103/bbl.