Here are the latest global economic developments on Monday around 8:00 PM GMT, after 37 days of conflict in the Middle East:
– Oil prices rebound, Wall Street rises Oil prices slightly increased in a market constrained by Easter holidays, with investors digesting some encouraging news like several oil tankers passing through the Strait of Hormuz, despite new threats from Washington towards Tehran. The price of a barrel of Brent crude oil from the North Sea for June delivery, the benchmark contract, rose by 0.68% to $109.77. Its U.S. counterpart, West Texas Intermediate barrel for May delivery, advanced by 0.78% to $112.41. Wall Street ended with gains: the Dow Jones rose by 0.35%, Nasdaq by 0.58%, and the S&P 500 by 0.45%.
– Trump claims ability to destroy bridges and power plants in Iran within four hours Donald Trump stated that the U.S. could destroy bridges and power plants in Iran within four hours through the power of its armed forces. Trump referred to the ultimatum set for Tuesday 8:00 PM Washington time (00:00 GMT Wednesday) for Iran to reach an agreement.
– Foreign exchange market watches negotiations between Washington and Tehran As dollar weakened, traders assess the chances of a ceasefire between Iran and the U.S. The dollar fell by 0.23% against the euro to 1.1545 at around 7:10 PM GMT. The state of negotiations is closely watched by market players, even though negotiators themselves do not appear optimistic.
– Israeli strikes on Iran’s largest petrochemical complex Israel claimed to have targeted Iran’s largest petrochemical complex in the south of Iran, proclaiming it a severe blow to the regime. Tehran stated that the situation was under control but the extent of the damage needed evaluation.
– Taiwan to source oil from Saudi ports on the Red Sea Taiwan will reroute its ships to transport crude oil from Saudi ports on the Red Sea to bypass disruptions in the Strait of Hormuz due to the Middle East conflict.
– Indonesia allows up to 13% increase in domestic airfare rates Indonesia announced a 28% rise in fuel surcharge and authorized airlines to implement up to a 13% increase in domestic airfares, regulated by the economy minister, due to the impact of Middle East war on fuel costs.
– AirAsia raises prices and reduces flights to offset Middle East war effects Southeast Asia’s largest low-cost airline AirAsia announced a hike of up to 40% in ticket prices and reduction in flights to counter the impact of the Middle East war, noting strong flight demand.
– South Korea to deploy ships to a Saudi port to bypass the Strait of Hormuz South Korea will send five Korean-flagged ships to the Saudi port of Yanbu to establish alternative oil supply routes to bypass the Strait of Hormuz, disrupted by the Middle East war, as per a ruling party deputy.
– Ships cross the Strait of Hormuz A Japanese maritime company reported that an Indian-flagged oil tanker belonging to its subsidiary crossed the Strait of Hormuz en route to India, becoming the third ship linked to Japan to transit through the strait. Another vessel owned by a Turkish operator, an oil tanker bound for Malaysia, also crossed the strait, as announced by Turkish Transport Minister Abdulkadir Uraloglu.
Published on April 6 at 10:17 PM by AFP.
