A gas station on Damascus Road near Hazmieh–Baabda. (Credit: Mohammad Yassin/L’Orient-Le Jour)
BEIRUT — Ten days after the start of the Israeli-American war against Iran, and as disruptions hit tanker traffic in the Strait of Hormuz, fears of a new oil shock that could weigh on the global economy are rattling markets.For the first time, the price of a barrel exceeded the $100 mark on Monday with Brent crude — the international benchmark — rising to as much as $119.50 during trading (+29 percent), while U.S. West Texas Intermediate (WTI) followed a similar path, briefly reaching $119.48 per barrel (+31 percent).Since the start of the war, Brent and WTI have already risen by around 66 percent and 77 percent, respectively — an unprecedented surge over such a short period. On-the-ground ‘We're tired, we just want peace’: From flour to fuel, war pressures Beirut’s supermarkets Although prices eased toward the end of Monday’s...
BEIRUT — Ten days after the start of the Israeli-American war against Iran, and as disruptions hit tanker traffic in the Strait of Hormuz, fears of a new oil shock that could weigh on the global economy are rattling markets.For the first time, the price of a barrel exceeded the $100 mark on Monday with Brent crude — the international benchmark — rising to as much as $119.50 during trading (+29 percent), while U.S. West Texas Intermediate (WTI) followed a similar path, briefly reaching $119.48 per barrel (+31 percent).Since the start of the war, Brent and WTI have already risen by around 66 percent and 77 percent, respectively — an unprecedented surge over such a short period. On-the-ground ‘We're tired, we just want peace’: From flour to fuel, war pressures Beirut’s supermarkets Although prices eased toward the end of...
