Latest on the Beirut blast, oil price rise

The major explosion in Lebanon’s capital city, Beirut, has caused enormous destruction and sadly the disaster will only deepen the country’s economic, humanitarian, and political crises. The high death toll and injuries will add to the strains on the already stretched health system. Meanwhile, with the port destroyed international trade will be disrupted and harm other parts of the economy. And as investigations get underway to find those at fault, the apparent gross negligence of the government risks causing recent violent protests to escalate. Elsewhere, the recent rise in the price of oil will come as a relief to oil-dependent Gulf economies, but it is unlikely to be enough to cause governments to row back on recently-announced fiscal austerity.