The oil price has rebounded¹ as markets refocus on the Middle East, as well as Japan's energy needs.

受中东局势和日本能源需求的影响，国际油价再度攀升。

Brent crude futures² broke back above $113 a barrel, while US light, sweet crude reached $100 again.

With Libyan production already near zero, markets took fright（惊吓） at the turmoil³（混乱，骚动） in Bahrain and the risk it may spread to neighbouring Saudi Arabia.

Meanwhile, with much of Japan's nuclear power sector⁴ shut down, the country is set to increase energy imports.

Energy imports

The market had initially⁵ taken fright at Japan's earthquake and tsunami⁶ on Friday, with crude prices falling from recent highs on fears that Japanese demand would slump⁷.

Brent crude dipped to $107.35 a barrel earlier in the week, while US crude hit $96.21.

Large parts of Japanese manufacturing have been shut down in order to assess damage from the twin disasters, and are likely to operate below capacity for months as the government rations⁸ electricity.

Markets had feared this would also affect global production, as many industries - such as cars and computer manufacturers - rely on Japan to produce critical parts.

However, analysts¹⁰ say it is becoming increasingly apparent that with its electricity generating capacity severely¹¹ limited, Japan will need to significantly step up its energy imports.

Japan's nuclear capacity - which accounts for nearly 30% of electricity generation - has been hardest hit, with 11 of its 54 reactors¹² not operating.

The total loss of generating capacity is estimated at anywhere between 10% and 40%.

Power shortages are expected to remain a problem for at least six months, and may even intensify¹³ in the summer when households typically increase electricity consumption for air conditioning.

The country is expected to need more finished fuel products, as well as coal and liquefied natural gas (LNG), which can be used for power generation.

"Refined products such as fuel oil and gasoil are trading at premiums¹⁴ to Brent, and that should put upward pressure on Brent," said Thorbjorn Bak Jensen, an oil analyst⁹ at Global Risk Management.

Russia, Korea, Indonesia and Qatar have all offered to increase LNG exports to Japan, while Shell also volunteered to increase its shipments.

As a result, gas futures in Europe - the market from which much of Japan's needed gas will be diverted - have risen sharply since Friday's earthquake, up 14% at their peak on Wednesday, and up 12% as of Thursday afternoon.