Middle East war: global economic fallout

PARIS, March 25: Here are the latest economic events in the Middle East war:

- 'Non-hostile vessels' in Hormuz? -

Iran has said "non-hostile vessels" can transit the Strait of Hormuz if they meet safety and security regulations in coordination with the relevant authorities, the International Maritime Organization (IMO) said Tuesday.

In a statement, Iran insisted that "vessels, equipment and any assets belonging to the aggressor parties -- namely the United States and the Israeli regime -- as well as other participants in the aggression do not qualify for innocent or non-hostile passage".

- Oil drops on hope of de-escalation -

Crude oil prices tumbled in Wednesday trading on hopes of de-escalation after US President Donald Trump voiced optimism about ending the nearly month-old war and Iran indicated ships from countries not party to the conflict could pass through the Strait of Hormuz.

After rising in Europe and the United States on Tuesday, Brent crude was down 4.3 percent at $95.90 a barrel and West Texas Intermediate was down 3.8 percent at $88.86.

The closure of the Strait of Hormuz in the Gulf has roiled energy and financial markets, with oil prices up around 40 percent since the start of the fighting.

- WTO sounds fertiliser warning -

Disruptions to fertiliser supplies caused by the Middle East war pose a double threat to global food security through scarcity and high prices, a top World Trade Organization official warned.

Iran has virtually shut the Strait of Hormuz, choking a vital transit route for oil and gas -- as well as fertilisers.

A third of the world's fertilisers normally transit the strait, and the disruption has prompted multiple warnings about the impact on food production.

- IEA ready for another oil stocks release -

The head of the International Energy Agency said Wednesday he was "ready to move forward" with an additional release of oil reserves "if and when necessary".

Fatih Birol's comments in Tokyo came after Japanese Prime Minister Sanae Takaichi asked the agency "to prepare to implement an additional release in case the situation drags on" with the war in the Middle East.

- Fire at Kuwait airport after drones hit fuel tank -

Drones hit a fuel tank and sparked a fire at Kuwait International Airport, the Gulf state's civil aviation authority said on Wednesday, as Iran presses on with its attacks in the nearly four-week regional war.

Citing preliminary information, the Directorate General of Civil Aviation said in a statement posted online that the attack had caused only "limited" damage and no casualties.

- Vietnam diesel prices surge -

The price of diesel in Vietnam has more than doubled since the start of the Middle East war, according to figures released by the country's trade ministry.

Vietnam has recently asked for fuel support from several countries, including Qatar, Kuwait, Algeria and Japan, and on Monday signed a deal with Russia on oil and gas production in both countries.