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Middle East War: Global Economic Fallout
The International Energy Agency and G7 plan largest-ever emergency oil stock releases to stabilize global markets amid Middle East supply disruptions, starting before March ends.
- On March 11, the International Energy Agency and G7 energy ministers agreed to tap strategic oil stockpiles, with releases in Europe and the US starting before the end of March.
- Amid strikes and a deleted US social post, Iran's Revolutionary Guards said they 'virtually closed' the Strait of Hormuz, after attacks on Fujairah and the UAE's facilities.
- Global oil markets swung sharply, with Brent plunging 11.3 to $87.80 a barrel after nearly reaching $120, and briefly trading near nearly $106.
- Domestic measures in major consuming countries tightened as imports and shipping were disrupted; Egypt's petroleum ministry raised domestic fuel prices by up to 30 percent, citing war pressures.
- The IEA called the move the largest coordinated emergency release in its history, while EU foreign ministers discuss changing Operation Aspides to reopen the Strait of Hormuz, where a fifth of the world's crude transits.
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92 Articles
92 Articles
Radio France Internationale+88 Reposted by 88 other sources
Middle East war: global economic fallout
·Paris, France
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The international analyst explained the global impact of the conflict, the tensions between the United States, Israel and Iran and how the crisis affects energy markets and world trade. Read more
·Buenos Aires, Argentina
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Population displacement, strategic ambiguity, market volatility. War in the Middle East is still at the centre of all attention today.
Coverage Details
Total News Sources92
Leaning Left9Leaning Right21Center26Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 16%
C 46%
R 38%
Factuality
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