THE DAILY CHART: A short history of oil shocks

The reaction of oil traders to Colonel Muammer Gaddafi's loosening grip on power in Libya has been electric and for good reason – Bank of America-Merrill Lynch says the Libya Crisis could be the eighth-largest disruption to oil supply since 1950. Libya is the world's 13th largest oil exporter but the North African nation's supply has almost completely stopped over the last few days as the reign of Gaddafi – the world's longest serving non-royal leader – hurtles towards a seemingly inevitable and potentially bloody end.

The uproar in Libya comes after the ousting of longtime leaders in Tunisia and Egypt, two other significant oil trading nations, prompting fears of a 'domino effect' across the Middle East and North Africa. Oil prices rose again on the latest signs of political contagion emerging in the usually stable North African nation of Oman and Yemen, located on the Arabian Peninsula. Again, both nations have significant oil reserves. In Oman, protesters attempted to block an important road to an industrial port town and set fire to a police station and two government buildings, while in Yemen the number of demonstrators against President Ali Abdullah Saleh continues to grow.