Egypt has been burning since the country military overthrew the country's democratically elected Islamist President Mohammed Morsi two days ago. Adly Mansour, A constitutional court judge, was sworn in as temporary president of Egypt on Thursday. Photo Courtesy: AP
A US trader working in the oil options pit at the New York Mercantile Exchange. Brent crude soared above USD 105 a barrel on Friday as Egypt’s political crisis intensified, raising the risk of fuel supply disruptions.
Egyptian drivers wait outside in long queues at a gasoline station in Cairo, Egypt. Egypt's political turmoil is dangerous for economic reforms which is awaiting USD 4.8 billion IMF loan. If the loan is put on hold, Egyptians may face a deterioration in the crisis. From worsening fuel shortages and blackouts, there will be a further depreciation of the currency and a depletion of foreign currency reserves that could make importing critical oil and food items difficult.
Members of the Obama administration have been in touch with Egyptian officials and regional partners to convey the importance of a quick and responsible return of full authority to a democratically elected civilian government as soon as possible.
Supporters of ousted Egypt's President Mohammed Morsi chant slogans during a rally in Nasr City,Cairo
Opponents of Egypt's Islamist leader Mohammed Morsi celebrate outside the presidential place after the chief justice of Egypt's Supreme Constitutional Court, Adli Mansour, was sworn as the interim president on Thursday.