Paris (France) (AFP) – Here are the latest economic events in the Middle East war:
– **US crude benchmark opens over $100, Brent above $115**
The price of the main US benchmark for oil rose over three percent Monday shortly after markets opened to once again surpass $100 a barrel, while Brent climbed above $115. A barrel of West Texas Intermediate (WTI) for May delivery rose 3.5 percent to $103.13, while a barrel of North Sea Brent meanwhile surged 2.98 percent to $115.93.
– **Iran targets aluminium plants in Bahrain, UAE**
Iran’s Revolutionary Guards said they launched missile and drone strikes on aluminium plants in Bahrain and the United Arab Emirates, targeting what they described as industries linked to the US military. Aluminium Bahrain (Alba) said in a statement that its facility was targeted by Iran and that two employees were wounded in an attack on Saturday, while UAE’s Emirates Global Aluminium (EGA) said one of its sites in Abu Dhabi suffered significant damage, and six people were wounded.
– **Taiwan to freeze LPG prices in April**
Taiwan said it is freezing prices of liquefied petroleum gas (LPG) in April. “Liquefied petroleum gas (LPG) prices will remain unchanged in April, and key feedstocks such as ethylene and propylene will be prioritised for domestic downstream industries,” a statement from Taiwan’s cabinet said.
– **Iran allows 20 more Pakistan ships through Hormuz**
Pakistan Foreign Minister Ishaq Dar announced that Iran had allowed “20 more ships” under the Pakistani flag — or two ships daily — to pass through the Strait of Hormuz.
– **Indian tile makers squeezed by energy crunch**
India’s vast ceramics hub in Morbi has been paralysed after the Middle East war choked LPG supplies, forcing hundreds of propane-fired kilns to go cold. More than 400 plants have shut as imports through the Strait of Hormuz stalled and tens of thousands of workers have been sent home. The region produces 90 percent of India’s ceramics and employs nearly a million people.
– **Ship insurers juggle war risks**
Iranian forces’ threat to shipping in the Strait of Hormuz has driven up insurance payments for the world freight industry. Operators face sharply higher costs, with some quotes running into tens of millions of dollars for a single passage. Rates that once sat below one percent of a vessel’s value have jumped to as high as 10 percent, changing by the hour as underwriters reassess danger in the Gulf’s newly expanded “listed” zones.
– **Trapped seafarers buzz helplines**
Seafarers’ helplines say they are inundated with pleas from crews trapped in the Gulf as the Middle East conflict leaves roughly 20,000 workers stuck in the war zone. The International Transport Workers’ Federation has logged more than 1,000 messages since February 28, with seafarers reporting shortages of food and water, sending videos of nearby bomb strikes and begging for repatriation. Many are entitled to repatriation and double pay under International Bargaining Forum rules, but crews on vessels without such labour agreements say operators are refusing to release them or cite a lack of flights.
– **Thailand secures Hormuz transit**
Thailand has reached an agreement with Iran to allow Thai oil vessels to travel through the Strait of Hormuz, its prime minister said.
– **Iran turns back ships**
Iran’s Revolutionary Guards said that they had turned back three ships trying to transit the Strait of Hormuz, saying the route was closed to vessels travelling to and from ports linked to countries aiding the US-Israeli attacks. Energy market intelligence firm Kpler said it had identified two container ships belonging to the Chinese firm COSCO that had attempted to leave the Gulf by crossing the narrow waterway, but had turned around.
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© 2024 AFP
