#Gaza
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains
The ongoing conflict in Gaza has increased Washington’s dependence on Egypt for diplomatic mediation
That has stoked worries among traders about a slump in demand from China, where refineries sharply cut crude processing rates last month on tepid fuel demand
Both Brent and WTI were set to gain more than 3 per cent on a weekly basis
Many airlines, globally, are revising their schedules to avoid Iranian and Lebanese airspace while also calling off flights to Israel and Lebanon
Lebanon’s multiple crises include a contracting economy, lack of governance and tensions in the region causing an influx of refugees
France, Italy, Australia and Canada have joined the US and the UK, in issuing evacuation orders for their citizens in Lebanon
Blinken has spoken to his counterparts in Saudi Arabia, the UAE and Qatar as tensions have ratched up in the region, in recent days
This marks Blinken’s eighth trip to the region since the conflict erupted in October 2023
Blinken is expected to meet with senior Saudi leaders and hold a wider meeting with counterparts from five Arab states – Qatar, Egypt, Saudi Arabia, the UAE and Jordan
The US Secretary of State is on his sixth visit to the region since the October 7 crisis broke out
Geopolitical risks including a feared broadening of the Middle East conflict pushed oil prices up by about 6 per cent last week
The two leaders emphasised the need to prioritise the protection of civilians in accordance with international humanitarian law
As Israel and Gaza have erupted in violence, multinational companies operating in the country have had to scramble to protect their employees while continuing operations
To ease oil supply pressure, the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition
The meeting addressed cooperation between the UAE and WFP in addressing food security challenges and ensuring food provision to Gaza
The port of Ashkelon and its oil terminal, located a few kilometres from the Gaza strip had been shut since October 7
The proposed summit between the US President, King Abdullah II and Palestinian and Egyptian leaders was cancelled after Gaza hospital explosion
The conflict in May killed more than 250 Palestinians and 13 people in Israel
The US dispatched an envoy to the region and Egypt and Qatar sought to help broker a truce
The latest bout of fighting appeared to be the most serious escalation since a 2014 war in Gaza
Egyptian-mediated talks to end weeks of deadly fighting between Israel, Hamas and other militant groups in Gaza collapsed on Tuesday when violence broke out after ten days of relative calm.