Middle East war: global economic fallout

Here are the latest economic events in the Middle East war:

Japan releases oil reserves 

Japan said it had started to release another part of its strategic oil reserves Thursday as it looks to temper the impact on the resource-poor nation from the surge in prices caused by the war.

Japan is the fifth-biggest importer of oil, with more than 90 percent of it from the Middle East.

Oil edges up, equities markets mixed 

Oil prices rose and equities were mixed Thursday as investors tracked mixed developments in the war.

With investors holding on to hope that a deal can be struck, oil prices have stabilised this week. Brent edged up 1 percent to trade at $103.25 a barrel at 0230 GMT. West Texas Intermediate rose 1.2 percent to $91.41 a barrel.

After gains on Wall Street and Europe, Asian markets fluctuated after a two-day rally.

Russian oil arrives in Philippines 

A ship carrying more than 700,000 barrels of Russian crude oil has arrived in the Philippines, a source with knowledge of the matter told AFP Thursday, days after the Southeast Asian country declared a national energy emergency over the Middle East war.

The Sierra Leone-flagged Sara Sky, bearing high-quality crude from Russia's ESPO pipeline arrived on Monday, with documents showing the consignee as Petron Corp, operator of the Philippines' sole oil refinery, said the source, who asked to remain anonymous as they were not authorised to speak to press.

The Philippines is heavily dependent on imported fuel, the cost of which has hit historic highs since the war forced the partial closure of the Strait of Hormuz.

US issues E15 fuel waiver 

The US Environmental Protection Agency issued a temporary emergency waiver to allow countrywide sales of higher-ethanol E15 fuel in the summer, Administrator Lee Zeldin said, easing smog controls amid government concerns about adequate supply.

The government has issued similar waivers in recent years under both the Trump and Biden administrations.

Fuel costs hit US Post Office 

The US Postal Service announced an eight-percent rate increase for some retail and commercial products, with the "transportation-related" move coming as global oil prices spiral due to the war on Iran.

WTO warning 

As World Trade Organization ministers prepared to meet in Cameroon, the head of the International Chamber of Commerce warned that the conflict could cause the "worst industrial crisis" in decades.

"The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s," John Denton said. "From a business perspective, we believe this could yet become the worst industrial crisis in living memory."

Red Sea shipping threat 

Iran will target shipping in the Red Sea, a crucial conduit for global oil and other goods leading up to the Suez Canal, if the United States launches a ground invasion, a military official told local media.

Iran says key strait 'closed only to enemies'

Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz was "closed only to enemies", with the Middle East war having all but shut the vital oil and gas shipping route.

Iran had informed the International Maritime Organization on Tuesday that "non-hostile vessels" could transit the strait if they meet safety and security regulations in coordination with the relevant authorities.

WTO sounds fertiliser warning 

Disruptions to fertiliser supplies caused by the Middle East war pose a double threat to global food security through scarcity and high prices, a top World Trade Organization official warned.

Iran's de facto closing of the Strait of Hormuz has also impacted fertiliser shipments, with a third of the global supply normally transiting the Gulf strait.

IEA ready for another oil stocks release 

The head of the International Energy Agency said he was "ready to move forward" with an additional release of oil reserves "if and when necessary".

Fatih Birol's comments in Tokyo came after Japanese Prime Minister Sanae Takaichi asked the agency "to prepare to implement an additional release in case the situation drags on" with the war in the Middle East.