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Following the UN’s decision to authorize air strikes in Libya, the French air force is see in the skies of Libya, and they probably began striking targets.

In the 36 hours that followed the decision by the UN Security Council in New York, Gaddafi has declared a ceasefire, but his forces continued to advance rapidly towards Benghazi.

The operation came as representatives of 22 countries met in Paris discussed the details and set 31 initial targets. Britain will join the operation soon, together with Canadian, Norwegian and Qatarian forces.

The US Air Force will probably join later, as President Obama is out of the country. He’ll get back in a few days and probably sent his forces as well. The Americans are likely to join if Gaddafi uses missiles to attack French targets: either in the sea or in France itself. Libya has long range missiles capable of this.

Oil prices will probably rise, and so will the Swiss franc and Japanese yen.