On the political front, oil traders are closely watching the military activity on the border between Turkey and Iraq, where a brewing conflict could obstruct the flow of oil from the Kurdish region, stifling supply.

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Delegates from Ethiopia and Eritrea had received initial peace proposals aimed at ending the two-year border conflict on Thursday, which were being reviewed by their governments.

BBC: Calls for restraint after Horn fighting

But a potentially deadlier conflict, though one with a longer fuse, could erupt on the land border between the civilizations of the East and the West.

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As the Syrian government attempted to utilize the media to enhance Assad's image abroad, advisers attempted to keep tabs on journalists violating government restrictions by illegally crossing the Syrian border to report inside the conflict-ridden nation.

CNN: E-mails show Syrian regime's efforts to handle the media

The border tensions come on top of worries about the impact of Venezuela's political conflict and exchange controls on what was once a thriving trade between the two countries.

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Israel's conflict with Palestinian militants in Gaza spread to Lebanon after the Lebanese Hizbullah party attacked an Israeli patrol on Israel's northern border, captured two soldiers and killed five more.

ECONOMIST: Politics this week

Jordan has made it clear it will shut its border with Iraq as soon as conflict breaks out, though it has said it will help the UN to care for refugees on the Iraqi side of the border.

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