Lebanese Exports to Gulf Drop, Central Bank Reserves Rise

• Finance

Central Bank Reserves Rebound After Decline

Lebanon's central bank reserves have increased after three consecutive declines, according to a weekly report by Bank Audi. The report attributes the rebound to geopolitical tensions in the region and the anticipation of an International Monetary Fund delegation visiting Beirut in November. The Constitutional Council's unanimous decision to annul amendments to banking reform law No. 71 has also contributed to market stability, Leb Economy reports.

Impact Financial institutions in Lebanon see improved reserve levels, stabilizing the finance sector.

Watch IMF delegation visits Beirut in November.

Sources: Leb Economy ↗

• Energy

Brent Oil Prices Surge Amid Middle East Tensions

Brent crude oil prices surged by $3.55, reaching $116.72 per barrel, marking the highest settlement in nearly six months, An-Nahar reports. The increase follows attacks by Houthi forces on Saudi Arabia, raising concerns about potential disruptions in Middle Eastern energy supplies. The UAE also reported an oil spill, contributing to the market's volatility. This price hike reflects growing fears over the stability of energy exports from the region.

Impact Energy importers face increased costs due to rising Brent oil prices, impacting budgets.

Sources: An-Nahar النهار ↗