Preparing

DEVELOPING STORYDEVELOPING STORY,

Crude prices continue to climb as world faces its biggest energy crisis in decades.

Oil prices have surged to their highest level in nearly two weeks amid escalation on multiple fronts of the US-Israel war on Iran.

Brent crude, the global benchmark, rose more than 3 percent on Monday morning to top $116 a barrel.

The latest climb took the global benchmark to its highest point since March 19, when it briefly touched $119 a barrel.

The surge came after Iran said it was prepared for a US ground invasion, with the speaker of the country’s parliament warning that Tehran was waiting for the arrival of US troops to “set them on fire” and “punish” their regional allies.

Tehran’s warning came as the conflict deepened over the weekend, with the Iranian-backed Houthis launching missiles at Israel for the first time in the war, and Israel expanding its invasion of southern Lebanon.

Iran’s effective closure of the Strait of Hormuz in retaliation for the US-Israel war has disrupted about one-fifth of global oil and liquified natural gas (LNG) supplies, plunging the world into its biggest energy crisis in decades.

Oil prices have risen nearly 60 percent since the start of the war, driving up fuel prices worldwide and forcing numerous countries to adopt emergency measures to conserve energy.

Analysts have warned that oil prices are likely to keep rising unless maritime traffic returns to normal levels in the strait.

Greg Newman, the CEO the Onyx Capital Group, which began as an oil derivatives trading house, said that energy markets were only beginning to feel the fallout of the turmoil.

“Physical oil moves around the world in loading cycles , and Europe has taken around three weeks to really start feeling the effects of the oil shortage,” Newman told Al Jazeera.

“Brent is starting to reflect the reality, and we think it’s a steady rise from here towards $120 and beyond.”

Newman said the scale of the disruption had yet to be fully appreciated.

No one in the market has ever seen the outages we are now suffering from – physical premiums are the highest ever. There is still a sense that the macro world is not taking this seriously enough, but it is worse than anything that has come before it,” he said.

“The reality will come out in the economic numbers over the coming months.”

More to follow…

It’s an hour before Monroe High’s baseball team takes infield practice. In the dugout dressed in his uniform, Miguel Gonzalez has his scissors out giving a free haircut to a teammate.

“Ten out of 10,” infielder Alexander Hernandez said when describing Gonzalez’s barber skills.

His pitching skills aren’t bad either. He struck out 12 in six innings in his season debut. He’s 5-0 with a 0.69 ERA. He’s a four-year varsity player for the surprising Vikings, who are 13-1 to start this season under second-year coach Eddie Alcantar.

The fact that Gonzalez is still playing might come as the biggest surprise if you knew all the responsibilities he faces as an 18-year-old.

Alcantar was getting worried last January when Gonzalez didn’t show up for winter workouts.

“I have a rule if you don’t show up for practice, you don’t play,” Alcantar said.

They finally met and Gonzalez revealed he’s been too busy working as a barber. And then came the big news: He’s going to become a father in July.

The Monroe High baseball team is off to an 13-1 start.

(Eric Sondheimer / Los Angeles Times)

It’s a delicate balancing act between work, school, baseball and the seriousness of being a parent as a teenager.

“I’ve been able to figure scheduling little by little,” Gonzalez said. “I do sleep. Maybe five hours.”

Gonzalez said he worked seven days a week as a barber during the summer. He’s been saving for his future while also making sure he did not have to ask his parents for money. He works weekends and sometimes has to leave practice after an hour for work.

As far as baseball, he added a slider this season, picked up some velocity and tries to throw three pitches for strikes.

Against Eagle Rock, he struck out 10 and gave up two hits in a 3-1 win. Against Arleta, he struck out 10 in six innings during a 6-1 victory with one walk. Against Westchester, he got two outs — both strikeouts — in a 3-1 win. Against Vaughn, he gave up two hits in six innings of a 2-0 victory..

Monroe, which used to be a City Section powerhouse in the 1970s when Denny Holt was head coach, also has received a strong season from junior Luis Martinez, who has 21 hits and is batting .500.

Pitcher Miguel Gonzalez has helped Monroe to an 13-1 start with a 5-0 record and 0.69 ERA.

(Eric Sondheimer / Los Angeles Times)

He said his parents have been supportive: “They have told me it’s a really big responsibility.”

After high school, he plans to go to an occupational school to learn more about being a barber. He’d love to continue playing baseball, but that will depend on his development and his priorities. So far, his balancing act is keeping him levelheaded and determined.

He’s been working since he was 5 when he helped his father in landscaping. He switched to cutting hair and loves it. His clients swear by him.

“He’s a good kid,” Alcantar said.