Abstract

More oil price records were set in July (see 'The Month in Brief'). This time, the cause was the bombing of Lebanon by the Israeli airforce, following the abduction of two Israeli soldiers by Iranian‐backed guerrillas from Hizbollah, operating from southern Lebanon. Brent and WTI futures both rose above $78 a barrel on fears that the fighting would spread to other Middle Eastern countries. Israeli aeroplanes bombed oil and electricity installations inside Lebanon, causing severe shortages. Rocket attacks by Hizbollah on the northern Israeli city of Haifa led to cuts in throughputs at a nearby refining and petrochemical complex.

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