Oil phase-out

Cuba's cash-strapped government has announced that fuel prices will soar by more than 500 percent beginning Feb. 1, part of a series of economic measures aimed at reducing the deficit.

Oil futures continued trading near two-week highs after a surge triggered by escalating ship attacks in the Red Sea, prompting major shipping companies to divert routes and heightening concerns over global oil supply.

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report yesterday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel.