Seoul Gazette - War in the Middle East: economic impact around the world

- Markets -

- Oil prices shot around 30 percent higher in Asian trading. The main international oil contract, Brent crude, is currently up roughly 41 percent from just before the outbreak of the war and up around 68 percent from the start of the year. The main US contract, WTI, is up around 50 percent from the onset of the war and around 75 percent from the start of the year.

- Russia is ready to supply energy to Europe if it asks, President Vladimir Putin said.

- 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 Middle East war entered its second week.

- Ships anchored in the Gulf or transiting the Strait of Hormuz are changing their tracking data to boast 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.

- 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.

C.Noh--SG