Middle East Violence Claims Lives, Sparks Global Concerns

Middle East Violence Claims Lives, Sparks Global Concerns

The violent deaths and attacks continue today in the Middle East.  The latest update indicate that at least twelve hundred persons have been killed in the attacks, including 22 American national.  It is a situation that, if prolonged, could lead to global ramifications, in similar fashion as the Ukraine/Russia war.  A recent Bloomberg News Report had written on the effects on other nations, which Minister of State in the Ministry of Finance, Christopher Coye, expanded on from a Belize perspective.  Minister Coye’s statement was related to the already volatile market, and global oil prices which have already begun going up.  

Christopher Coye, Minister of State, Ministry of Finance: “I think in terms of the war in Ukraine and how it impacted both Ukraine and Russia, it was more in the nature of fuel. And many people might not realize this, but certain components of fertilizers come from fuel, urea in particular. And so because the petroleum market was severely affected and you saw the rise in price of fuel, you also saw the rise in price of fertilizer. So that is what impacted on us. It impacted on price of fuel and it impacted on the food prices. The situation between Israel and Hamas et cetera I think that can have an impact. There’s certainly a geopolitical impact and that could translate into other things. As far as fuel, I think there were some temporary increases in fuel prices. I’m not sure if that has levelized already, but at a higher price. But beyond that, I can’t say right off the bat.”

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