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AI Summary
The ongoing Middle East war involving Iran has disrupted global oil supply chains by blocking the Strait of Hormuz, causing severe fuel shortages in Southeast Asia and pushing US gas prices up by $1/gallon to nearly $4. Global markets suffered a fourth consecutive down week, with multiple indices briefly entering correction territory and gold recording its worst week since 2011. Separately, CBS News is overhauling its operations under Bari Weiss, cutting its radio division and ~6% of staff.
Key Facts
- Iran's refusal to reopen the Strait of Hormuz has caused fuel station closures across Laos and Cambodia, four-day workweeks in the Philippines and Sri Lanka, and a $400M fuel cost surge for American Airlines.
- US gas prices have risen ~$1/gallon to nearly $4 since the war began, while jet fuel has spiked from $85β90 to as high as $200 per barrel.
- CBS News eliminated its 99-year-old radio division and cut ~6% of staff under new editor-in-chief Bari Weiss as parent company Paramount pursues acquisition of Warner Bros. Discovery.
Read the Original Sources
Stocks finish fourth consecutive week in the red amid oil price surge
Morning Brew
Gold has worst week since 2011
Morning Brew
Philippines institutes four-day workweeks to reduce energy use
Morning Brew
US gas prices increased by a dollar on average since war began
Morning Brew
CBS News eliminates radio division in staff overhaul
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