Boston — Tropical Storm Barry is barreling toward Louisiana and could hit the coastline as a hurricane by Saturday, causing close to $1bn in damage and worsening flooding in New Orleans.

The system, which was about 153km south-west of the Mississippi River’s mouth as of 5am New York time, has already curbed about half the energy output in the Gulf of Mexico and helped lift oil prices to a seven-week high. It’s also prompted Louisiana governor John Bel Edwards to declare a state of emergency, while hurricane and tropical storm warnings and watches are in place along the state’s coastline...

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