US EditionHow Fluctuating Oil Prices Are Affecting People Around the World
Brent crude rose 41% since the war began and West Texas Intermediate gained 50%, prompting fuel export suspensions and price caps in multiple countries.
- On Monday, global oil markets saw Brent crude jump, up roughly 41 percent from before the outbreak and 68 percent year-to-date in Asian trading.
- As the war entered its second week, G7 finance ministers held crisis talks while President Emmanuel Macron said France and its allies were preparing a 'defensive' mission to reopen the Strait of Hormuz.
- China asked refiners to suspend diesel and gasoline exports in early March, Nigeria's Dangote mega-refinery pledged domestic priority, and Japan authorities prepared reserves, according to the source.
- Airlines extended cancellations as Lufthansa and Air France halted Middle East flights, and France's finance minister said the G7 was 'not there yet' on releasing strategic oil reserves while Russia offered energy supply if asked.
- The main US contract, WTI, is up around 50 percent from the onset and around 75 percent from the start of the year, with ships changing tracking data to boast links to China, MarineTraffic and AFP report.
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der Standard DEHigh oil prices and gaps in Western air defense have a negative impact on Ukraine in the long term
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War in the Middle East: economic impact around the world
Here are the latest economic events in the Middle East war on Monday:
The rise in oil prices also has an impact on the delivery of domestic fuel oil. In recent days, French delivery agents have been overburdened, as some anticipate a drastic increase in tariffs due to the conflict in the Middle East. Reportage in Vienna.
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