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Posted by Bhumika Ghimire Jul 14, 2006 |
According to Bloomberg.com, "Crude oil rose above $78 a barrel in New York for the first time as escalating violence in the Middle East and disruptions in Nigeria threatened global supplies".
CNN reports that Israeli attack on Beirut's international airport and Hezbollah's counter attack on Haifa has resulted in major escalation of the already high tensions, with Israeli and Lebanon officials calling this an act of war.