Algerian special forces have found the bodies of two Canadian Islamist fighters after a bloody siege at a desert gas plant, a security source said on Monday, as the death toll reached at least 80 after troops stormed the complex to end the hostage crisis.
Tom Price, Global Commodity Analyst, UBS says Algeria's gas plant attack is the latest in a series of supply-side shocks to oil, but unconventional supplies could constrain the upside to oil prices.
Algeria said on Sunday it expected heavy hostage casualties after its troops ended a desert siege, but Western governments warned against criticizing tactics used by their vital ally in the struggle with Islamists across the Sahara.
The Algerian army carried out a dramatic final assault to end a siege by Islamic militants at a desert gas plant on Saturday, killing 11 al Qaeda-linked gunmen after they took the lives of seven more foreign hostages.
"Let's not forget this is an act of terror," said Secretary of State Hillary Clinton, in commenting on the hostages held in Algeria. Americans are still being held hostage, among others, with Peter Brookes, Heritage Foundation senior fellow.
Terrorist want to exchange hostages for Omar Abdel Rahman, reports CNBC's Jackie DeAngelis. Also, a look at the impact on energy prices, with CNBC's Sharon Epperson.
The hostage rescue operation in Algeria is an ongoing, fluid situation, reports CNBC's Jackie DeAngelis.
Oualid Khelifi, research analyst at African Energy, talks to CNBC about the hostage situation in Algeria and why the Algerian army decided to move in.
Oil is slipping slightly this morning as the Algeria hostage crisis continues, with Boris Schlossberg, Managing Director, BK Asset Management; Kevin Book, ClearView Energy Partners; Barry Knapp; Barclays; and Rebecca Patterson, Bessemer Trust.
Helima Croft, geopolitical strategist at Barclays, draws attention to the vulnerability of the oil market if the Algerian groups targeted the Libyan energy facilities.
Neil Atkinson, director of energy research & analysis at Datamonitor, tells CNBC that Algeria is very important for the European oil and gas market, with countries like Italy taking about a third of their gas from the country.
CNBC's Michelle Caruso-Cabrera reports the chronology of the terrorist attack in Algeria and on the intervention by the Algerian government that has taken place already; saying as many as 7 U.S. citizens were involved in the situation.
Jonathan Barratt, Founder, Barratt's Bulletin says Rio Tinto remains a takeover target but he thinks new CEO Sam Walsh can turn the company around.
Secretary of State Hillary Clinton spoke with Algerian officials yesterday about the hostage crisis, reports CNBC's Michelle Caruso-Cabrera.
The crisis in Algeria is playing a role in oil's big surge today, with CNBC's Sharon Epperson.
Breaking details on the Algeria hostage crisis, with CNBC's Michelle Caruso-Cabrera.
CNBC's Michelle Caruso-Cabrera reports on a BP statement that it's been told the Algerian army is trying to take control of a natural gas site where terrorists are holding hostages, including Americans. (1:07)
Amrita Sen, chief oil analyst at Energy Aspects, tells CNBC that the instability in North Africa, with Islamic militants holding a gas facility hostage, could be quite negative for long-term investment in the region.
Islamic militants have taken as many as 41 hostages, including 3 U.S. citizens, in Algeria, and the White House is calling this a "terrorist attack," reports CNBC's Michelle Caruso-Cabrera.
Dominic Schnider, Head of Commodity Research, UBS Wealth Management warns investors not to expect a drastic rise in oil's risk premium as a result of the Algerian attacks. He expects a $3 to $4 increase.