Paris (France) (AFP) – Here are the latest economic events in the Middle East war:
– **Oil up, stocks mixed**
Oil prices rose as the Middle East crisis escalated with the entry of Yemen’s Houthi rebels into the Iran war and as US President Donald Trump threatened to destroy Iran’s main export terminal. US stocks were mixed in afternoon trading. European stocks ended the day higher, while Asian stocks fell. Brent was up more than two percent at near $108 a barrel and WTI also rose nearly four percent, pushing it past $100 a barrel to over $103.
– **Israel rescuers dousing refinery fire**
Israel’s fire and rescue service said its crews were battling a large blaze at the Haifa oil refinery after it was hit by debris from the interception of a projectile Monday. Television channels showed thick black smoke billowing into the sky from the site, while the fire service shared photos of a tank on fire, shortly after the Israeli military said it had detected new missiles from Iran.
– **Sri Lanka raises electricity prices 40%**
Sri Lanka announced on Monday a nearly 40 percent increase in electricity prices from Wednesday as it battles an energy shortage caused by the war in the Middle East. Sri Lanka has raised fuel prices three times this month, increasing them by more than a third, and has announced a four-day working week in a bid to save energy.
– **Norway cuts fuel taxes**
Norway will temporarily slash its taxes on petrol and diesel to counter rising prices as the Middle East war disrupts global energy supplies, the government said Monday. As of April 1, the tax on petrol will be reduced by 4.41 kroner ($0.45) per litre and that on diesel by 2.85 kroner ($0.29) per litre, the government said in a statement.
– **Seoul calms plastics rush**
South Korea’s energy minister sought to ease fears over shortages of plastic rubbish bags after sales in Seoul jumped nearly fivefold due to energy supply concerns sparked by the Middle East war.
– **G7 pledges ‘necessary measures’ to ensure stable energy market**
G7 economy and finance ministers Monday said they stood ready to take “all necessary measures” to ensure the stability of the energy market as they tackled the economic consequences of war in the Middle East.
– **Australia halves fuel tax**
Australian Prime Minister Anthony Albanese said the country would halve a tax on fuel amid soaring petrol prices. Australia charges a sales tax of 52 cents ($0.35) on each litre of petrol sold, which will be halved for three months.
– **Bangladesh orders energy saving**
Bangladesh has ordered civil servants to switch off lights and turn down air conditioning to save power as the Middle East war worsens an energy crunch, officials said.
– **Philippines secures Russian crude**
The Philippines’ sole oil refinery Petron has secured nearly 2.5 million barrels of Russian crude, according to a stock exchange filing that said at least four million barrels in shipments had been cancelled since the Middle East war started.
– **Gulf energy targets**
Kuwait said an Iranian attack on a desalination and electricity plant killed one worker and damaged a building as the Islamic republic pressed its aerial campaign against its Gulf neighbours.
– **Iranian grid ‘stable’**
Iran has restored electricity in parts of the capital, Tehran, and nearby areas after strikes damaged power grids and briefly disrupted supply, deputy energy minister Mostafa Rajabi-Mashhadi said in an interview with state television. US President Donald Trump has threatened to strike Iranian power stations if Tehran does not negotiate a peace deal, before repeatedly extending a deadline to do so.
– **Hormuz crossings**
Seventeen vessels crossed the Strait of Hormuz over the weekend, 12 of them on Saturday, making it one of the busiest days for crossings since March 1, according to Kpler. On Monday, two further ships — ultra-large container vessels owned by Chinese shipping giant Cosco — appeared to have successfully crossed the strait after an aborted attempt last week, maritime tracker MarineTraffic said on X.
– **Indian rupee hits fresh record low**
India’s rupee fell to a record low of more than 95 to the dollar on Monday, before recovering, despite recent efforts by the central bank to stem its fall. Experts say the Middle East war has piled pressure on the currency, as overseas investors offload Indian shares, and concerns grow over India’s rising energy import bill and the possibility of a wider current account deficit.
– **Swiss economic outlook darkens**
The barometer for the outlook of the Swiss economy turned negative in March on worries about the impact of the war in the Middle East. The KOF barometer, which permits to gauge short-term trends in economic output, fell seven points to 96.1. A reading below 100 points indicates a contraction in economic activity.
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© 2024 AFP
