<\/p>\n
Here are the latest economic events in the Middle East war on Tuesday:<\/p>\n
Oil prices rose again as Iran launched fresh attacks on crude-producing neighbours, while stock markets were higher ahead of key central bank meetings.<\/p>\n
International benchmark Brent crude was up 1.3 percent in afternoon trading to $101.46 per barrel, while US benchmark WTI rose 1.1 percent to $94.54.<\/p>\n
<\/p>\n
Iraq is in contact with Iran to try to arrange passage for some of its oil tankers through the Strait of Hormuz, the country\u2019s oil minister told local media.<\/p>\n
Iraq is a founding member of the OPEC cartel and crude oil sales\u00a0make up 90\u00a0percent\u00a0of its budget revenues. Before the outbreak of war on February 28, Iraq mainly shipped its oil \u2014 roughly 3.5 million barrels per day \u2014 from the southern Basra fields via the Strait of Hormuz.<\/p>\n
France is ready to help escort ships through the Strait of Hormuz but only once the situation has become \u201ccalmer\u201d, President Emmanuel Macron said on Tuesday.<\/p>\n
\u201cOnce the situation becomes calmer we are ready, alongside other nations, to take responsibility for an escort system,\u201d he said.<\/p>\n
Investor morale in Germany, Europe\u2019s largest economy, has plunged to its lowest level in almost a year as the Middle East war rattles markets, according to a survey by the ZEW economic research institute.<\/p>\n
Sentiment among investors on the future of the German economy fell 58.8 points in the past month, the survey said, leaving it at its lowest level since Trump first imposed sweeping global tariffs last April.<\/p>\n
A new drone strike hit the Fujairah oil complex on the east coast of the United Arab Emirates on Tuesday causing a fire but no injuries, authorities said.<\/p>\n
\u201cCivil defence teams from the emirate intervened immediately on site and are continuing their efforts to bring the situation under control\u201d authorities said in a statement on X.<\/p>\n
The facility, which sits on the Gulf of Oman and enables the UAE to bypass the Strait of Hormuz for some exports, was also hit on Monday. A source told AFP that oil was no longer being loaded into storage tanks.<\/p>\n
Two drones targeted a major southern Iraqi oil field, an oil ministry spokesperson told AFP, after the second attack in four days.<\/p>\n
Majnoon oil field was \u201ctargeted by two drones, one hit a telecommunication tower,\u201d but there was no damage, ministry spokesperson Saheb Bazoun said.<\/p>\n
A security official said the second drone targeted the offices of an American firm operating at the site.<\/p>\n
Australia\u2019s central bank hiked its key interest rate, pointing to \u201csharply higher fuel prices\u201d driven by the Middle East war.<\/p>\n
The Reserve Bank of Australia became one of the first major central banks to lift rates in response to the turmoil, raising its key cash rate 25 basis points to 4.10 percent.<\/p>\n
Hundreds of Philippine tricycle drivers lined up in Manila for cash handouts they hope will provide temporary relief from surging oil prices.<\/p>\n
Since the conflict started, the Philippines has implemented a four-day work week for civil servants, seen ferry schedules reduced in some areas, and begun eyeing the possibility of Russian oil imports. Officials have unveiled price hikes for a range of local transportation.<\/p>\n
British Airways said it has cancelled flights to and from Middle East destinations Amman, Bahrain, Dubai, and Tel Aviv through May 31 as the war disrupts the global aviation industry.<\/p>\n
China said it will provide humanitarian assistance to Middle Eastern countries, including Iran and Lebanon.<\/p>\n
\u201cChina has decided to provide emergency humanitarian assistance to Iran, Jordan, Lebanon and Iraq. It is hoped this will help alleviate the humanitarian plight faced by the local populations,\u201d foreign ministry spokesman Lin Jian told a press conference.<\/p>\n
Germany said Tuesday its competition watchdog will soon get more powers to target energy firms over concerns they are unfairly hiking petrol prices to profit from the wartime oil shock.<\/p>\n<\/p><\/div>\n
Rephrase in a different way as if you were a native American speaker as a content creation expert and do not talk about yourself or your experience in the text and do not show yourself as an artificial intelligence who wrote and fill the bullet point in the topic and speak the heart of the topic itself and dont take date of blog in ther first and dont take text like box of newsliter subscribe on post from content and romove all linke insert in content and and remove all affiliate disclosure phrases on content like this “This post may contain Amazon or other affiliate links that allow us to earn a small commission at no extra cost to you. Please see our Disclosure Policy for more info” and “#” put in its place bullet point, and romove name of the web site or his links we are take a content from our new creation<\/p>\n","protected":false},"excerpt":{"rendered":"
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