Here are the latest global economic developments on Tuesday around 08:00 GMT, on the 39th day of the conflict in the Middle East:
– Fuel prices: targeted assistance for certain professions The government will soon announce a new aid scheme for professions most affected by the rise in fuel prices, Energy Minister Maud Brégeon said on Tuesday. She rejected the idea of universal aid, confirming a promise made by Prime Minister Sébastien Lecornu last week.
– Fuels: about 18% of gas stations out of stock Nearly one in five gas stations is out of stock for one or more fuels after the extended Easter weekend, Energy Minister Maud Bregeon announced on Tuesday.
“There are about 18% of stations where at least one fuel is missing,” she said.
European stock exchanges mostly open higher European stock exchanges mostly opened higher on Tuesday despite the latest ultimatum by President Donald Trump to Iran, which has kept oil prices rising.
After a few minutes of trading, the CAC 40 index was up by +0.37% in Paris, as well as London (+0.12%) and Milan (+0.27%). The trend was more uncertain in Frankfurt (-0.05%).
– Oil prices rise Oil prices rose significantly on Tuesday after new threats from American President Donald Trump.
By 07:50, the Brent barrel from the North Sea for delivery in June, the global benchmark, rose by 1.60% to $111.53. Its American counterpart, the West Texas Intermediate barrel for delivery in May, jumped by 2.62% to $115.30.
– Trump says he can destroy bridges and power plants in Iran in four hours Donald Trump stated that the United States could destroy “in four hours” bridges and power plants in Iran.
“We have a plan, thanks to the power of our armed forces, which foresees that all of Iran’s bridges will be destroyed by midnight tomorrow, that all of Iran’s power plants will be out of service (…) and will never be able to be used again,” said the American president, referring to the deadline set.
Saudi petrochemical complex hit by Iranian missile strikes (witness) A petrochemical complex in eastern Saudi Arabia was hit by attacks in the night from Monday to Tuesday, according to a witness who spoke to AFP, a few hours after similar facilities in Iran were struck.
“An attack caused a fire in the Sabic factories in Jubail. The detonations were very loud,” said the source, who requested anonymity, referring to the Saudi Basic Industries Corporation, a Saudi chemical giant.
– Israeli strikes on Iran’s largest petrochemical complex Israel said it carried out strikes on Iran’s largest petrochemical complex in southern Iran and hailed dealing a “severe blow to the regime,” while Tehran stated that the situation was “under control” but the extent of the damage was still to be assessed.
Iranian Fars news agency also stated that another petrochemical complex, this time near Shiraz (south-central Iran), was hit by strikes, mentioning “minor damage.”
– IEA chief predicts acceleration of renewables The head of the International Energy Agency (IEA) believes that the energy crisis related to the war in the Middle East should ultimately accelerate the development of renewable, nuclear energies, and electric vehicles, according to an interview to be published on Tuesday in the French newspaper Le Figaro.
– War drives up inflation in the Philippines Inflation in the Philippines surged dramatically in March, reaching 4.1% year-on-year due to historically high fuel prices driven by the war in the Middle East, as per government figures released on Tuesday.
