Global oil prices go above $100 on Egyptian concerns
US light crude rose above $100 the barrel Tuesday for the first time since last September on concerns that the Egyptian crisis could affect Suez Canal supply routes. In a televised speech, President Mohamed Morsi Tuesday night dug in his heels against army-backed opposition calls for him to step down. He declared he had been freely elected and would defend his “constitutional legitimacy” with his life. DEBKAfile: Morsi’s defiance faces its crucial test Wednesday when the military says it will intervene if he does not comply with its ultimatum. The Cairo daily Al Ahram predicts he will either quit or be sacked. His speech was followed by violent clashes which claimed 16 lives including a gun battle between his supporters and opponents at Cairo University.