With the expiration of the Egyptian military's July 3rd deadline, Egypt is watching for possible major military intervention today.

There have been no reports of major military action, but President Morsi’s National Security Advisor has stated that a military coup is underway.

Other reports have surfaced that troops in combat gear have taken up spots near protest sites. It has also been reported that the military has begun erecting barbed wire around the Republican Guard compound containing the presidential office.

Although they have yet to interfere with TV newsroom activities, officers with the military have stationed themselves in the newsroom of Egypt’s state television station as well. Armored vehicles secured the outside of the building.

Mohamed Morsi, in a statement issued just prior to the military deadline, proposed a consensus government with an independent committee to craft constitutional amendments but reiterated that he had no intentions of stepping down as president.

President Morsi, the Muslim Brotherhood and Wasat Party leaders all have been restricted from leaving the country.

The political unrest in Egypt has caused the Asian and European markets to take a tumble on Wednesday over concerns that unrest there will affect oil shipments through the Suez Canal. OIl prices hit a 14-month high with light sweet crude topping $102 a barrel.

Saudi Arabia’s Grand Mufti Sheikh Abdulaziz Al al-Sheikh asked Egypt today to avoid bloodshed, while Kuwait’s Foreign Minister Sheikh Sabah Khaled al-Sabah stated “In this period, although we are following the developments and events in Egypt with concern, I want to reiterate our confidence that our Egyptian brothers are capable of overcoming the current situation.”

The rest of the Arab world is silent on the current situation in Egypt fearing deepening unrest if public meddling occurs.