Here are the latest global economic developments on Tuesday around 08:00 GMT, 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 package for professions most affected by the rising fuel prices, said Energy Minister Maud Brégeon on Tuesday. This assistance targets specific professions and rejects the idea of universal aid, confirming a promise made by Prime Minister Sébastien Lecornu last week.
– Fuels: around 18% of gas stations out of stock Nearly one in five gas stations is experiencing a shortage of one or more fuels after the extended Easter weekend, announced Energy Minister Maud Brégeon on Tuesday morning. She stated that about 18% of stations are lacking at least one type of fuel.
European stock markets mostly open higher European stock markets mostly opened higher on Tuesday despite the recent ultimatum issued by President Donald Trump to Iran, which is keeping oil prices high. 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 increased significantly on Tuesday following new threats from US President Donald Trump. By 07:50, the Brent barrel for June delivery, the global benchmark, rose by 1.60% to $111.53. The West Texas Intermediate barrel for May delivery, the American equivalent, jumped by 2.62% to $115.30.
– Trump claims ability to destroy bridges and power plants in Iran within four hours Donald Trump stated that the US could destroy “in four hours” the bridges and power plants in Iran using the power of the military. This announcement comes following the ultimatum set by the American president.
Saudi petrochemical complex hit after Iranian missile strikes (unconfirmed) A petrochemical complex in eastern Saudi Arabia was reportedly hit by attacks on Monday night, as confirmed by a witness, shortly after similar strikes targeted facilities in Iran.
– Israeli strikes on largest Iranian petrochemical complex Israel claimed to have carried out strikes on the largest petrochemical complex in southern Iran, celebrating a severe blow to the regime. Tehran responded by stating the situation was “under control” but the extent of the damage was yet to be assessed.
– IEA chief predicts acceleration of renewables The head of the International Energy Agency (IEA) believes that the energy crisis in the Middle East due to the war is likely to accelerate the development of renewable energy, nuclear energy, and electric vehicles in the long run.
– War drives inflation spike in the Philippines Inflation in the Philippines surged in March to 4.1% year-on-year due to historically high fuel prices driven by the conflict in the Middle East, according to government figures released on Tuesday.
