Brent crude climbs nearly 4% as Iran conflict widens and Martinique joins CARICOM

Global oil prices climbed after renewed fighting in the Middle East, while Martinique’s entry into the Caribbean Community has put regional air and sea connectivity back at the centre of integration talks. Jamaica’s main stock index edged lower and the US dollar firmed against the local currency at the close of trading.

Brent crude, the international benchmark, rose nearly four per cent to about US$79 per barrel. The gain followed United States air strikes on Iran and Iranian counter-attacks against Gulf countries that host American military facilities. Motorists in the United States also faced higher costs at the pump. The American Automobile Association reported that the average price for gasoline stood at US$3.87 per gallon on Sunday, roughly 30 per cent above levels recorded before the United States and Israel first attacked Iran in February. That figure remains well below the Memorial Day peak of US$4.56 per gallon.

Martinique has become the first French overseas department to join CARICOM as an associate member. The bloc now comprises 23 members—15 full states and eight associates—and officials say deeper ties could make travel across the Eastern Caribbean less cumbersome and expensive.

Hervé Billow, director of the Martinique Tourism Board, said poor connectivity affects every island, not only Martinique. Travellers often pay more and spend longer in transit than geography would suggest. Jamaican photographer Steve James recently flew Miami to St. Lucia, then crossed about 14 kilometres by boat to Martinique in roughly an hour after no flight was available on his chosen day. Noel Walker, travelling from New York, routed through Miami for a trip of about seven hours that he said could have taken roughly four hours with a direct service.

Billow said fixing regional travel is a priority for the Martinique government as it takes part in CARICOM discussions. He called for governments and local authorities across the islands to invest in a shared Caribbean airline, and for stronger cooperation in tourism, business, cultural exchange, science and medical research with partners including St. Lucia, Barbados, Jamaica and Trinidad.

On the Jamaica Stock Exchange, the main index declined by 0.418 points and the junior market index fell 26 points. Among 26 stocks traded, gainers included Productive Business Solutions US dollar ordinary shares, Consolidated Bakeries, Portland JSX, Sagicor Real Estate X Fund and 138 Student Living Jamaica variable preference shares. Losers included GWest Corporation ordinary shares, EduFocal Limited, Knutsford Express Services, Darmon Trading Company and General Accident Insurance Company.

At the end of foreign exchange trading, banks and cambios sold the US dollar for an average J$159.70. The Canadian dollar traded at J$113.79, the pound at J$213.96 and the euro at J$185.68.