Oil above $100 sparks protests, shortages and blackouts worldwide

  • Protesters in Syria, Guatemala, Portugal, France and the Philippines demonstrated against rising fuel prices.
  • Oil prices returned above $100 per barrel, while Syria raised diesel prices about 40%.
  • Governments in Guatemala, Portugal and the Philippines pursued price caps, support measures or tax relief.

Rising energy prices after oil climbed back above $100 a barrel have triggered protests, road blockades and strikes across Syria, Guatemala, Portugal, France and the Philippines. The monthslong US war with Iran, further US strikes on Iranian oil tankers in the Gulf and renewed fighting in Yemen have increased global energy and shipping risks. Syria temporarily raised diesel prices by about 40% to 175 Syrian pounds ($1.43) a liter and gasoline prices by more than 25%, prompting demonstrations that included tire-burning and the disruption of oil-tanker traffic. Guatemala is considering a fuel-price cap through year-end, while Portugal announced support for freight transporters, taxi drivers, firefighters and social-sector organizations. French fishermen blockaded a fuel depot, and Philippine transport workers struck after another increase of 5.68 pesos ($0.01) per liter of gasoline. Analysts cited in the report forecast a 30% increase in US prices, while households and businesses in less wealthy countries face sharper pressure on incomes, public finances and essential services.

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