Here are the latest economic events in the Middle East war:
Oil prices jumped after US President Donald Trump dashed hopes for a quick end to the Middle East conflict, reiterating that US forces would hammer Iran for another two to three weeks and bomb it “back to the Stone Ages”, sending oil prices upwards once again.
The main US oil contract, West Texas Intermediate, jumped 10.3 percent to $110.47 per barrel while international benchmark Brent North Sea crude rose 8.2 percent to $109.40 per barrel.
Trump’s failure to flesh out an exit plan sent stock markets tumbling, with all major Asia exchanges closing well down and European indexes slumping in afternoon trading.
British Foreign Minister Yvette Cooper stressed the “urgent need” to reopen the Strait of Hormuz as she convened a meeting of some 40 countries on the vital shipping route.
Cooper said Iran’s “recklessness” in blockading the waterway was “hitting our global economic security” as she kicked off the virtual meeting of international allies from London.
Iraq has begun exporting crude using tanker trucks through Syria, its oil ministry said.
Iraq is hugely dependent on its oil exports, accounting for some 90 percent of its budget revenues and until the Middle East war all but shut the Strait of Hormuz, it exported the majority of its oil through the strategic waterway.
The oil ministry said it “has begun exporting oil by tanker truck through neighbouring Syria” and that Syria would “ensure the safe passage” of the oil.
The Philippines said Iran has pledged to allow safe passage for shipments of oil to the import-dependent archipelago through the Strait of Hormuz.
President Ferdinand Marcos last week declared a state of national energy emergency, saying “nothing was off the table” as the country of 116 million tries to navigate a global fuel crisis driven by the Middle East war.
Rows of luxury boutiques in Dubai’s upscale malls are without customers, as staff wait idly for the rare shopper.
Dubai, long known for its peace and stability, has been targeted frequently by Tehran’s retaliatory drones and missiles, sending tourists fleeing.
Analysts estimate the region’s luxury sales will fall by half in March, mostly due to the collapse in tourism -- both to the Gulf and in transit, with major air hubs like Dubai, Doha and Abu Dhabi closed or operating at diminished capacity.
Iran’s two largest steel plants have been forced out of action by several waves of US and Israeli attacks, the companies have said.
“Our initial estimate is that restarting these units will take at least six months and up to one year,” Mehran Pakbin, deputy head of operations at the Khuzestan Steel Company, was quoted as saying by the Mizan Online website.
Mobarakeh Steel Company in the central province of Isfahan said that its “production lines have completely shut down following the high volume of attacks”.
Citigroup has urged staff in Paris and Frankfurt to work from home, a company spokeswoman said, as US banks step up security following a thwarted attack against another US financial institution over the weekend that French police believe is related to the Middle East war.
Bangladesh hiked prices of liquefied petroleum gas used for cooking and compressed natural gas in some cars by 29 percent, as the Mideast war worsens an energy crunch.
The South Asian nation of 170 million people imports 95 percent of its oil and gas needs.
With the latest price hike, a 12-kilogramme LPG canister will rise from 1,341 taka to 1,728 taka ($10.90-$14.05).
The Czech government said it would stop energy companies from making excess profits on fuel, as prices soar because of the Middle East war.
The government said from April 8 companies would not be allowed to make a profit of more than 2.5 koruna ($0.12) per litre. Officials also cut the excise tax on diesel by 2.35 koruna per litre from the current 9.95 koruna.
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