From Oil Price Rise To Market Crash, Iran War Sparks Global Economic Jolt

Middle East war: global economic fallout

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

US Eases Russia At-Sea Oil Sales

The United States is temporarily allowing the sale of Russian oil that is at sea, the Treasury Department said, as energy prices soared after US-Israeli strikes on Iran plunged the Middle East into war. FOLLOW LIVE UPDATES

The move marked a momentary easing of economic sanctions against Russia, which has been targeted over its invasion of Ukraine.

Iran Threatens Oil & Gas Sector 

Iran has threatened to "set the region's oil and gas on fire with the slightest attack on Iran's energy infrastructure and ports", said a spokesman for its military central operational command.

Brent Crude Up, Asian Stocks Down

Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on Friday, after Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz.

The rise in energy prices could cause price hikes throughout the global economy.

Australia Slams Petrol Price-Gouging

Australia's energy minister warned Friday against "dangerous" price gouging of petrol as he relaxed rules on how much fuel companies needed to hold in stock in a bid to boost supply.

The country, which relies on oil imports for fuel, has seen petrol prices spike due to panic buying since the outbreak of the war.

Iran Vows To Keep Strait Of Hormuz Closed

Iran's new supreme leader Mojtaba Khamenei called for using "the lever of blocking the Strait of Hormuz", which the country's Revolutionary Guards vowed to carry out.

The strait is a key waterway through which a fifth of global crude passes.

Earlier, Energy Secretary Chris Wright said the US military was "not ready" to escort tankers through the strait as all its assets are focused on striking Iran.

'Historic' fallout: IEA 

The Middle East war "is creating the largest supply disruption in the history of the global oil market" as Iran's chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said.

It noted that crude production is down by at least 8.0 million barrels per day.

Deadly Attacks On Tankers Off Iraq 

An attack on two oil tankers off Iraq killed at least one crew member, an Indian national, as Iran pressed a campaign to disrupt global energy markets in retaliation for US and Israeli strikes.

The other crew members were rescued, Farhan Al-Fartousi, from Iraq's General Company for Ports, told AFP.

Cargo Ship Catches Fire After Hit With Shrapnel

German shipping group Hapag-Lloyd said that one of their cargo vessels in the Gulf caught fire after being "hit with shrapnel" overnight, adding that no one was injured.

"We don't know where (the debris) came from, whether it was a rocket or a drone" or another munition, a company spokesman told AFP.

Drone Falls Near Dubai Finance Hub

A drone fell near Dubai's financial district, an AFP journalist saw, a day after some companies evacuated the area following Iranian threats against economic targets linked to the US and Israel.

Kuwait's international airport also saw damage from drone attacks, civil aviation said. 

China Cuts Refined Oil Exports

China has tightened export curbs on refined oil products, Bloomberg News reported, as Beijing seeks to shield its economy from the war.

The world's second-largest economy is the biggest importer of crude oil, with its refining operations mainly serving the country's massive domestic market.

Countries Try To Limit Cost Pressures

South Korea said a fuel price cap would be imposed to mitigate pressure on the country's energy supply during the Iran war, the first such measure introduced there. 

Spain's government also said it would soon present a plan to contain the war's impact on electricity and fuel prices.

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