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There are unconfirmed reports that Khamis Gadaffi, the son of Libyan ruler Muammar Gaddafi, was killed during the recent fighting in the the country’s civil war. Some reports claim that young Gaddafi, the commander of the “Khamis brigade” was killed by an air strike made by the international coalition. Other reports state that a suicide bomber exploded nearby on Saturday, and that Khamis Gaddafi was injured and later died of his wounds.

Following the UN Security Council’s decision to authorize air strikes against Libya, intensive bombardments have begun in the North African country. These air strikes have reportedly stopped the advance of pro-government forces to the rebel held capital of Benghazi, but the situation is far from any resolution.

Oil prices rose back up above $100 following the fresh escalation. Higher oil prices weigh on the US dollar and undermine the international effort to weaken the Japanese yen.

In the meantime, the market is fighting back against this intervention in the yen and the results are quite limited.

If these unconfirmed reports are true, this is serious damage to the regime. Khamis Gadaffi is not only the son of the tyrant, but also an important military commander.