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War in the Middle East: Economic Impact Around the World
Brent crude rose 41% since the war began and West Texas Intermediate gained 50%, prompting fuel export suspensions and price caps in multiple countries.
- On Monday, global oil markets saw Brent crude jump, up roughly 41 percent from before the outbreak and 68 percent year-to-date in Asian trading.
- As the war entered its second week, G7 finance ministers held crisis talks while President Emmanuel Macron said France and its allies were preparing a 'defensive' mission to reopen the Strait of Hormuz.
- China asked refiners to suspend diesel and gasoline exports in early March, Nigeria's Dangote mega-refinery pledged domestic priority, and Japan authorities prepared reserves, according to the source.
- Airlines extended cancellations as Lufthansa and Air France halted Middle East flights, and France's finance minister said the G7 was 'not there yet' on releasing strategic oil reserves while Russia offered energy supply if asked.
- The main US contract, WTI, is up around 50 percent from the onset and around 75 percent from the start of the year, with ships changing tracking data to boast links to China, MarineTraffic and AFP report.
42 Articles
42 Articles
The increase in oil prices due to the war in the Middle East could give an additional income to Mexico's public coffers of 406 billion pesos, estimated the Mexican Institute for Competitiveness (IMCO) on Monday, March 9. This additional amount in oil revenues will be obtained if the price of the Mexican oil mixture closes 2026 with an average of 90 dollars.The Mexican oil mix closed last week at $83.64 per barrel, its highest level in the last t…
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War in the Middle East: economic impact around the world
Here are the latest economic events in the Middle East war on Monday:
The rise in oil prices also has an impact on the delivery of domestic fuel oil. In recent days, French delivery agents have been overburdened, as some anticipate a drastic increase in tariffs due to the conflict in the Middle East. Reportage in Vienna.
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