Paris (France) (AFP) – Here are the latest economic events in the Middle East war:
– **Oil rises, stocks mixed**
Oil prices climbed Tuesday as investors awaited US President Donald Trump’s latest deadline for Iran to reopen the strategic Strait of Hormuz. West Texas Intermediate briefly topped $115 a barrel, its highest in a month, and Brent was at $111. Equity markets were mixed, with Tokyo little changed and Singapore and Jakarta falling while Shanghai, Sydney, Seoul, and Taipei rose. Hong Kong was closed for a holiday. In afternoon trading in Europe, London and Frankfurt slipped while Paris rose following a positive start to the week on Wall Street on Monday.
– **Iran Guards threaten oil supply**
Iran’s Revolutionary Guards warned they would deprive the United States and its allies of oil and gas “for years” if Washington crossed Tehran’s “red lines”, a statement carried on state television said. “For the sake of good neighbourliness (we) have had some reservations in choosing targets for retaliation, but all these reservations have since been removed,” it said.
– **UN to vote on Strait of Hormuz resolution**
The UN Security Council is expected to vote on a watered-down resolution calling for the unblocking of the Strait of Hormuz, far from the initial goal of the sponsoring Gulf countries of obtaining clearance to free it by force. The vote is expected at 11:00 am (1500 GMT) Tuesday. The text in question has been diluted in recent days in the hope of avoiding rejection, and a draft seen by AFP no longer mentions authorisation to use force, even defensively.
– **Eni finds Egyptian gas**
Italy’s ENI announced a “significant” natural gas discovery off Egypt’s Mediterranean coast, as the North African country struggles to secure its energy needs due to the US and Israel’s war with Iran. Egypt’s natural gas supplies from Qatar and Israel have been significantly disrupted by the Middle East war, leading Cairo to enact energy-saving measures including a business curfew, while also raising fuel prices and slowing government projects.
– **Thailand weighs closing gas stations**
Thailand is considering enforcing overnight closures of petrol stations beginning this month, the prime minister said, an effort to preserve fuel as the Middle East war has driven fears of shortages. The closures would begin no earlier than April 20, after the end of the widely followed Songkran holiday period.
– **China, Australia to cooperate**
Australia and China agreed to back regional energy security in the face of rising oil prices sparked by war in the Middle East, Prime Minister Anthony Albanese’s office said. The Australian leader held a telephone call with Chinese Premier Li Qiang to discuss the importance of energy security “in light of the current global challenges”, according to a summary of their conversation.
– **Australia talks fuel with Singapore**
Australia’s Prime Minister Anthony Albanese said he would fly to Singapore to help secure petroleum imports as oil prices surge during war in the Middle East. Australia relies on imports for an estimated 90 percent of its refined petroleum products, and Singapore is its largest single supplier.
– **ECB official calls for renewables**
Europe’s dependence on fossil fuel imports is a “critical vulnerability” making it harder to ensure stable prices, a senior European Central Bank official warned, calling for more investment in green energy. The continent must “transition now — or pay more later,” Frank Elderson, a member of the ECB’s executive board, wrote in a blog post.
– **Turkish, Japanese tankers go through Hormuz**
A third Turkish-owned ship has passed through the war-torn Strait of Hormuz, Turkey’s Transport Minister Abdulkadir Uraloglu said. Uraloglu stated that the “Ocean Thunder” was carrying crude oil from Iraq to Malaysia. Japanese shipping firm Mitsui O.S.K. Lines said an Indian-flagged tanker owned by a subsidiary had also safely transited the strait.
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© 2024 AFP
