Middle East war: global economic fallout

Oil surges
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 11.6 percent to $111.71 per barrel while international benchmark Brent North Sea crude rose 6.7 percent to $107.86 per barrel.

Trump's failure to flesh out an exit plan initially sent stock markets tumbling -- with all major Asia exchanges closing well down -- but European and US indexes recovered some of their losses ahead of a three-day weekend.
US banks tighten security
Citigroup and Goldman Sachs stepped up security in Paris, telling staff they can work from home, after authorities thwarted an attack against another US financial institution that French prosecutors said might have been linked to a pro-Iran group.
Hormuz mandate
The secretary-general of the Gulf Cooperation Council (GCC) called for the UN Security Council to authorize the use of force to protect the Strait of Hormuz from Iranian attacks. Bahrain has proposed a draft resolution that would greenlight states to use "all necessary measures" to assure free transit through the Strait of Hormuz.

Diplomatic sources say that veto-wielding China, Russia and France have expressed reservations about the text.
Iraq exports oil through Syria
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.

Iraq's oil export revenues in March dropped more than 70 percent from February, an Iraqi official said Thursday, after the Middle East war disrupted the oil industry.

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.
Iran to allow Philippine oil shipments
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.
Bangladesh hikes bottled gas
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).
Czechs, Romania cut taxes
The Czech Republic and Romania said they would cut the excise tax on diesel, joining a host of other countries reacting to a price surge driven by the Middle East war.

The Czech government also put a limit on the profit margins of fuel distributors.

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