Here are the latest global economic developments from events in the Middle East, as a fragile ceasefire between Iran and the United States enters its sixth day.
. US military to impose blockade on Iranian ports on Monday
The US military announced on Sunday that it would impose a blockade starting Monday at 14:00 GMT on “ships of all nationalities entering or leaving Iranian ports and coastal areas,” due to a lack of agreement to end the conflict.
But it specified that it would allow the passage of ships not heading to or from Iran through the Strait of Hormuz, a strategic passage for global trade and oil supply, according to a statement from the US Central Command.
“The threats by the US president to impose a maritime blockade against Iran (…) are completely ridiculous and amusing,” said Iranian Navy chief Admiral Shahram Irani.
. Oil prices soar above $100 mark
Oil prices surged 8% and rose above the $100 per barrel mark on Monday at the start of Asian trading, a few hours before the announcement of a blockade on Iranian ports by the US.
After dropping to around $97 last week, the West Texas Intermediate (WTI) for May delivery jumped 8.34% to $104.62 on Monday around 00:40 GMT.
The Brent crude oil for June delivery was trading at $102.79 at the same time, up by 7.97%.
The Tokyo and Seoul stock exchanges opened with sharp declines, while the price of gold plummeted heavily amid a return of inflationary fears.
. Ireland: emergency meeting to address fuel price blockades
The Irish government held an emergency meeting on Sunday to discuss support measures in response to the surge in fuel prices caused by the war in Iran, following several days of protests and blockades.
Prime Minister Micheal Martin’s government seeks to ease tensions after several days of protests by farmers, truck drivers, and taxi drivers against the spike in fuel prices.
. Saudi Arabia: East-West oil pipeline back in operation
The east-west oil pipeline in Saudi Arabia, a crucial facility for oil exports during the blockade of the Strait of Hormuz, is once again “in operation” after attacks, the country’s authorities announced on Sunday.
“The energy facilities and the east-west oil pipeline damaged by attacks are now operational, improving the reliability of supply,” said the Saudi Ministry of Energy, as reported by the official SPA news agency.
. Indonesian president travels to Moscow, oil on the agenda
Indonesian President Prabowo Subianto flew to Russia on Sunday to meet with his counterpart Vladimir Putin regarding oil, whose prices have surged due to the Middle East conflict.
The presidency confirmed to AFP that the head of state was leaving Indonesia on Sunday night to travel to Moscow.
Oil, “of strategic importance for the Indonesian nation,” will be high on the agenda, warned the archipelago’s foreign minister, Sugiono.
/2026/03/18/engrais-69ba46bcb3d63091379728.jpg "War in the Middle East: It is becoming too expensive to produce due to the rise in fertilizer prices, laments")
