A trader watches his screen on the floor of the New York Stock Exchange. U.S. stocks dropped for a second straight session as Libya's violence sent oil prices up briefly to $100 a barrel and tech shares sank, February 23, 2011.

Global stocks dipped again on Wednesday as oil prices soared to new highs on fears that the revolt in Libya could spread. International oil companies, including BP and Shell, have already cut production or evacuated staff as the Libyan protests descended into chaos this week. But analysts say whether Libya's current regime survives or not, the impact of the unrest on the global economy could be far-reaching

Grainy YouTube video shows no letup in the popular but deadly uprising against Libyan leader Moammar Gadhafi. And critics vow to continue their protests despite Mr. Gadhafi's threat to crush the revolt.

With neither side willing to back down, international traders are increasingly on edge - driving up oil prices to their highest level in more than two years. Energy analyst Fadel Gheit says fear of the unknown is fueling the dramatic price hikes.

"What the market is anticipating is the next step. If the situation does not come to a halt in Libya I think the market will be very jittery and oil prices will continue to remain inflated," Gheit said.