Fierce Fighting Continues in Libya as U.S. Considers Intervention

Government opponents in Libya successfully defended an attempt by Qaddafi loyalists to retake the city of Az-Zawiyah, a city close to the Qaddafi-controlled city of Tripoli. Fighting lasted for six hours overnight, according to Al-Jazeera. Meanwhile, the United States weighed options for intervention and as the international community called for an investigation of Muammar Qaddafi for crimes of humanity. The rebels are armed with tanks, machine guns, and anti-aircraft guns. They include soldiers who defected from the government army. Qaddafi has called the influential rebel leader of the city, Mohammed al-Maktouf, to expect a fighter jet attack if rebels do not give up control of the city by Tuesday. The opposition in Az-Zawiyah remains defiant, stating that "We are here for the cause of freedom and the price we are willing to pay is with our own blood. It's victory or death." The situation on Libya's western border with Tunisia is reaching a crisis point as tens of thousands of foreigners exit the country. Aid staff have seen some 140,000 people crossing into Tunisia and Egypt. As pressure mounts on Qaddafi to step down from his control of the government of Libya, the United States is escalating its presence, sending warships nearby in the Mediterranean. Secretary of State Hillary Clinton has stated that all options are on the table for intervention in Libya. Remarked Secretary Clinton, "We have joined the Libyan people in demanding that Qaddafi must go - now -- without further violence or delay. We are taking no options off the table so long as the Libyan government continues to turn its guns on the Libyan people." The United States has already instituted sanctions to coerce the regime to give up power by cutting off the flow of both arms and finances to the regime. The United States is consulting with allies, to avoid a go-it-alone approach that could breach the so-called "Pottery Barn rules" of engagement, whereby "you break it, you own it." In other words, if the US entered alone, they would be the sole entity responsible for rebuilding a democratic Libya, an option that is off the table. Thus far, Canada and the European Union have enacted sanctions against Libya. France has additionally flown in supplies to the opposition-controlled eastern half of the country. The international community is coming together around consensus that the situation in Libya must be referred to the International Criminal Court for potential crimes committed against humanity. At the United Nations late Saturday night, the United Nations Security Council voted unanimously in a historic decision to refer the situation in Libya to the International Criminal Court, the court with international jurisdiction to prosecute crimes against humanity. Meanwhile, the price of sweet crude oil for April delivery traded higher by 1.4 percent in New York to $98.31 a barrel on reports of violence in Libya and unrest in Iran and elsewhere in the region. Iran reportedly fired tear gas on protesters today who were calling for the release of opposition leaders. Benzinga recommends that you keep monitoring the United States Oil Fund LP ETF USO.