Oil Prices Surge Amid Massive Explosion in Beirut

Oil Prices Surge Amid Massive Explosion in Beirut

The massive explosion at the capital of Lebanon on Tuesday left Lebanese in shock and numb. The soaring incident has resulted in the hike in oil prices in the international market.

It is likely to continue until the conditions become stable. Notably, the US crude reported 8.59 million-barrel decline last week.

As per the data of API – Gasoline stockpiles declined about 1.75 million barrels the previous week, distillate stockpiles showed a remarkable increase of 3.82 million barrels and inventories at Oklahoma, Cushing, rose by 1.63 million barrels last week.

The explosion claimed 78 lives with 4000 wounded as per the latest available data; the number may rise. Footage of the accident shows its intensity. The smoke engulfed the port within seconds of the explosion, causing extensive damage even on the outskirts.

The post-accident site was handed over to High defence council by the Lebanese President Michel Aoun.

Authorities at Lebanon said that the cause of the explosion was the ammonium nitrate stored at the warehouse of the port, but the investigation is still going.

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