Paris (France) (AFP) – Here are the latest economic events in the Middle East war on Tuesday:
– **Oil prices fall**
Comments from President Donald Trump declaring the Middle East war “pretty much” over sent oil prices down and pushed US stocks skyward. Both the US crude oil benchmark West Texas Intermediate (WTI) and Brent crude fell more than 10 percent, with WTI down to $85.29 per barrel and Brent at $88.95 at around 0230 GMT. Meanwhile, all three major US stock indices moved suddenly higher, with the Dow Jones Industrial Average finishing 0.5 percent up at 47,740.80, a swing of 1,125 points from earlier in the day.
– **US to roll back oil sanctions**
Trump announced on Monday that he will waive some sanctions on oil due to the market turmoil. “We’re also waiving certain oil-related sanctions to reduce prices,” Trump told reporters after his administration previously signaled it would roll back sanctions on oil exports from Russia.
– **Asian stocks rebound**
Stock markets in South Korea and Japan rose sharply in early trade on Tuesday. South Korea’s benchmark Kospi rebounded more than five percent, and the Nikkei 225 in Tokyo jumped more than three percent before falling back slightly.
– **G7 finance ministers**
France’s finance minister said the G7 was “not there yet” in terms of any release of strategic oil reserves as the world’s leading industrialised nations held crisis talks on the economic fallout of the Middle East war, even as they stand ready to do so. G7 energy ministers are set to meet on Tuesday.
– **Transport/tourism**
President Emmanuel Macron said France and its allies were preparing a “defensive” mission to reopen the Strait of Hormuz as the war entered its second week. Several ships anchored in the Gulf or transiting the Strait of Hormuz are changing their tracking data to claim links to China in an attempt to evade Iranian attacks, according to data from shipping tracker MarineTraffic analysed by AFP. Lufthansa and Air France extended flight cancellations to Middle East destinations. Global shipping company MSC announced it was formally halting certain export shipments from the Gulf due to the war and that “all affected cargo will be discharged.”
– **Initial measures**
Croatia, Hungary, South Korea, and Thailand imposed price caps on fuel. China asked key refiners in early March to suspend their exports of diesel and gasoline. Nigeria’s Dangote mega-refinery pledged to prioritise the domestic market to help prevent fuel shortages. In Japan, the Nikkei newspaper reported that authorities have asked oil reserves to prepare for their release.
© 2024 AFP
