War in the Middle East, economic impact around the world
2026-03-10 - 04:34
The US crude oil benchmarks, West Texas Intermediate and Brent crude, fell by more than 10%. (EPA Images pic) HONG KONG: The latest economic developments in the Middle East war today. 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%, with WTI down to US$85.29 per barrel and Brent at US$88.95 at around 2.30am. Meanwhile, all three major US stock indices moved suddenly higher with the Dow Jones Industrial Average finishing 0.5% up at 47,740.80, a swing of 1,125 points from earlier in the day. US to roll back oil sanctions Trump announced yesterday 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 today. South Korea’s benchmark Kospi rebounded more than 5% and the Nikkei 225 in Tokyo jumped more than 3% 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 today. 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.