With Khalifa Haftar's Libyan National Army (LNA) that backs the parliament in control of most major oil facilities, it also raises the prospect of another blockade of the country's 1.3-million-barrels-per-day crude exports.

Trade was volatile, with crude prices jumping early to multi-year highs on worries about disruption to Russia's exports, which at 4 to 5 million barrels per day (bpd) are more than any other nation other than Saudi Arabia.

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The United Nations and foreign powers that recognized Dbeibah's government when it was installed a year ago have avoided any definitive statement on which administration should now be seen as legitimate, and have instead pushed for quick elections.



He said: ‘To change an inherited multi-generational, establishment-reinforced Whitehall-sanctioned culture takes a lot of doing. But that is what Britain is capable of and I think Johnson, for all his faults, has been able to at least kindle that.'

Oil markets are in an "explosive mood" over increasing outrage against Russia, said Phil Flynn, an analyst at Price Futures Group. "People in the world don't want to deal with a country that is committing these atrocities in Ukraine."



We were, in a sense, both fighting Whitehall.' ‘So there were really three sides to the trade negotiation - a large element of the Whitehall establishment, the Australian side and then Liz Truss and those close to her.

State Department's principal deputy spokesperson, told reporters. The United States and Iran have nearly completed negotiations on reviving a nuclear accord that could bring more than a million bpd of oil, or about 1% of global supply, back to the market.
"We are close to a possible deal," Jalina Porter, the U.S.

Lawmakers' declaration of Fathi Bashagha as prime minister after a televised vote aggravates a power struggle with the interim administration of Abdulhamid al-Dbeibah, who was installed through a U.N.-backed process last year.

Whether the political crisis will kindle armed conflict remains unclear, but it leaves Libya without a unified government, with the main political and Kindle military forces bitterly divided and with no clear path forward.





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On Thursday a report by the International Atomic Energy Agency (IAEA), the U.N.'s nuclear watchdog, showed the stock of enriched uranium amassed by Iran was in breach of its 2015 nuclear deal, with the country nearing the ability to make a nuclear bomb.

Dbeibah has promised elections in June while the parliament has set a roadmap targeting a referendum on a temporary constitution followed by a national vote next year, but analysts say it is hard to envisage either event taking place.

HOUSTON, March 3 (Reuters) - Oil slid 2% on Thursday, after hitting prices not seen in a decade, as sellers jumped on hopes the United States and Iran will agree soon on a nuclear deal that could add barrels to a tight global market.



Any move by Bashagha to establish a government in Tripoli could well trigger armed resistance by forces linked to Dbeibah, pointing to a return to Libya's division between rival administrations based in different cities.

After the election was canceled shortly before the vote was due to take place amid disputes over the rules, the parliament moved to seize control of the political process and replace Dbeibah's government.

BENGHAZI, Libya, March 1 (Reuters) - Libya's parliament approved a new government on Tuesday despite the incumbent administration vowing not to cede power, pushing a fragile peace process to the brink of collapse and raising the risk of new fighting or Amazon Books territorial partition.

Bashagha's large cabinet with 35 members reflects the extensive negotiations and promises of positions needed to secure support from a majority of members of parliament and the various interests they represent.

"The most likely option is a return to two governments, neither of which will have all that much legitimacy, but only one of which will control the central bank," said Tarek Megerisi of the European Council on Foreign Relations.

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The United Nations backed a ceasefire and peace process after an eastern offensive against Tripoli collapsed in 2020, with most sides in Libya publicly supporting Dbeibah's interim unity government and scheduling elections for December 2021.