Live updates - Middle East unrest as it happens (page 1 of 4)

Oil could hit $200 if protests reach Saudi, says report


(March 8) A new report by Societe Generale says Brent crude futures could hit $200 a barrel if political unrest spreads into Saudi Arabia. "In this most extreme, worst-case scenario for the oil markets, serious unrest spreads to Saudi Arabia," the bank said. "In this case, it does not really matter if Libya or any other producers are shut down or not. Saudi Arabia is OPEC's biggest producer and the world's biggest current holder of spare capacity."

Telecom Egypt states financial cost of unrest at $3m


(March 8) Egypt's sole fixed-line provider, Telecom Egypt has said the financial cost of recent political events in the country stood at EGP17.6m ($3m), Zawya Dow Jones has reported. "The company is currently evaluating further damages that could have affected the company's operations," the firm said in a statement.


Oil prices hit 30-month high, stocks retreat


(March 7) Crude oil prices climbed to a 2-1/2-year peak on Monday as concerns about supply disruption deepened, while world stocks fell on concerns that sustained high oil prices could hurt growth, Reuters has reported. US crude oil futures jumped 1.6%, topping $106, to their highest price in 30 months as a counter-offensive by Libya's Muammar Gaddafi against rebels worsened fears that the oil exporting nation is heading for civil war. The MSCI all-country world stock index was down 0.4%, with European stocks weighing on the benchmark.

Stock markets in Middle East lose $140bn due to unrest


(March 7) The Arab Monetary Fund has said that $140bn has been lost in stock markets across the Middle East and North Africa region in market capitalisation during the last five weeks, due to the political unrest sweeping the region, Reuters has reported. The market capitalisation of 16 Arab bourses was valued at $862bn on March 4, down from $1.002bn on January 25, a day prior to the political crisis in Egypt that triggered unrest across the Middle East, the Abu Dhabi-based fund said. "The situation in the region affected sentiments of investors despite some stocks being attractive," an AMF official, who did not want to be identified, told the news service.

Analysts warn on Middle East unrest-fuelled oil price rises

(March 6) The recent unrest across the Arab world has prompted oil prices to soar, with Brent Crude climbing steadily to more than $115 a barrel, from just over $70 in August last year. But while oil producers might be making a fortune, analysts warn the world's energy supply network could be one 'Jasmine revolution' away from collapse.

Saudi Arabia bans protests

(March 6) Saudi Arabia has banned all protests and marches in the country, after unrest was seen in the east of the Kingdom, local media has reported. Further reports suggest that huge numbers of troops are being deployed to the Shia dominated areas of Saudi in an attempt to prevent any uprising. Last week King Abudullah launched a $37bn benefits package to citizens in an attempt to keep the population from protesting.

Egyptian bourse awaits new PM before trade resumes

(March 5) The Egyptian Exchange, shut since January 27 due to political unrest, has announced that resumption of trading has been postponed until it consults the country's newly appointed prime minister, Zawya Dow Jones has reported.