(AFP) – Here are the latest economic events in the Middle East war on Thursday:
**’Historic’ fallout: IEA**
The Middle East war “is creating the largest supply disruption in the history of the global oil market,” as Iran’s chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said, citing crude production currently down by at least 8.0 million bpd. The conflict is hampering the global economy’s supply of oil and weakening production capacity after Iran tightened its chokehold on the Strait of Hormuz, through which a fifth of global crude passes.
**Oil prices hit $100, again**
Brent crude jumped more than nine percent to as high as $101.59 a barrel, while West Texas Intermediate was also up more than nine percent to hit $95.97. Traders focused on attacks on shipping in the Strait of Hormuz rather than the release of oil from strategic reserves.
**Iran Guards vow to keep Strait of Hormuz closed**
Iran’s Revolutionary Guards vowed to keep the strategic Strait of Hormuz closed after a call to do so by the Islamic republic’s new leader Ayatollah Mojtaba Khamenei.
**Deadly attacks on tankers off Iraq**
An attack on two oil tankers off Iraq killed at least one crew member, an Indian national, as Iran pressed a campaign to disrupt global energy markets in retaliation for US and Israeli strikes. The other crew members were rescued, Farhan Al-Fartousi from Iraq’s General Company for Ports, told AFP.
**Cargo ship catches fire after hit with shrapnel**
German shipowners Hapag-Lloyd said that one of their cargo vessels in the Gulf caught fire after being “hit with shrapnel” overnight, adding that no one was injured. “We don’t know where (the debris) came from, whether it was a rocket or a drone or another munition,” a company spokesman told AFP.
**US ‘not ready’ to escort tankers through Hormuz**
The US military is currently “not ready” to escort tankers through the critical Strait of Hormuz because all its assets are focused on striking Iran, Energy Secretary Chris Wright said.
**Maritime body calls emergency talks**
The International Maritime Organization (IMO) said it would convene an “extraordinary session” next week to discuss threats to shipping in the Middle East and particularly in the Strait of Hormuz.
**Drone falls near Dubai finance hub**
A drone fell near Dubai’s financial district, an AFP journalist saw, a day after some companies evacuated the area following Iranian threats against economic targets linked to the US and Israel. Kuwait’s international airport saw damage from drone attacks, civil aviation said.
**China tightens refined oil export curbs**
China has tightened export curbs on refined oil products, Bloomberg News reported, as Beijing seeks to shield its economy from the war. The world’s second-largest economy is the top importer of crude oil, with its refining operations mainly serving the country’s massive domestic market.
**South Korea price cap**
South Korea said a fuel price cap would be imposed to mitigate pressure on the country’s energy supply during the Iran war, the first such measure introduced there. With the country heavily reliant on energy imports, including shipments through the Strait of Hormuz, Seoul says it will try to find alternatives to secure supplies.
**Spain to curb impact of price hikes**
Spain’s leftist government said it would soon present a plan to contain the Middle East war’s impact on electricity and fuel prices in one of the most dynamic developed economies.
**Airlines react to higher fuel prices**
New Zealand’s national airline said it would cancel 1,100 flights over the next two months. Hong Kong aviation giant Cathay Pacific announced new jet fuel surcharges for most routes and Air France-KLM said it was hiking ticket prices.
© 2024 AFP
