Egyptian Troops On 'Maximum Alert" At Suez Sends Oil Over $102

After a few hours of calm yesterday, crude oil prices are once again surging back over $102 as the commander of the Third Field Army stated that troops deployed in Suez and South Sinai saw their "state of readiness" raised to "Maximum Alert." The announcement came after Cairo's airspace was closed for 40 minutes and flights were diverted to other airports because of air force drills. The 'state of emergency' has sent stocks sliding and put a modest bid into precious metals amid a call by Islamist allies of ousted Egyptian Prwsident Morsi to "take to the streets" and express their outrage.

Via Reuters,

Islamist allies of Egypt's ousted president, Mohamed Mursi, called on people to protest on Friday to express outrage at his overthrow by the army and to reject a planned interim government backed by their liberal opponents.