Global Economic Highlights for March 31, 2026

1. Brent on Track for Record Monthly Increase: Global oil prices rose on March 30, with Brent heading towards a record monthly increase and US West Texas Intermediate (WTI) surpassing $100 per barrel for the first time since 2022. This development follows intensified conflict between Houthi forces in Yemen and Iran, with the first attacks targeting Israel.

2. Brazil Withdraws from WTO Agreement on Digital Trade: On March 30, Brazil blocked the renewal of the customs duty exemption agreement for e-commerce within the World Trade Organization (WTO). This agreement, in effect since 1998, allows countries to exempt cross-border e-commerce transactions from customs duties, including software, digital content, and other digital products. Brazil’s decision not to support this mechanism has disrupted the renewal process, which requires agreement from all WTO members.

3. India Accelerates Renewable Energy Development amidst Gas Supply Disruptions: India is accelerating the development of renewable energies and electricity storage solutions to cope with the risk of gas shortage due to the widespread impact of the Middle East crisis and a surge in summer electricity demand. To ensure electricity supply security during the summer, New Delhi is closely monitoring the progress of coal and hydroelectric power plant projects set to start operation from June 2026. Indian authorities state that the current electricity grid remains able to meet demand, despite the decline in electricity production from gas.

4. Won Hits Lowest Level in 17 Years: The South Korean won opened sharply lower against the US dollar on March 31, reaching its lowest level in 17 years. This decline is attributed to the escalation of the conflict in the Middle East, raising concerns about new disruptions in global oil supplies and broader economic repercussions.

5. Fed to Patiently Monitor Oil Price Shock Impact: On March 30, Federal Reserve Chairman Jerome Powell stated that the central bank could temporarily overlook the energy shock related to the Middle East conflict. This wait-and-see approach has somewhat eased market concerns about a potential new interest rate hike by the central bank.

6. American Airlines Face Financial Challenges Due to Fuel Price Surge: The fuel price shock is the first real financial stress test for American airlines since the start of the COVID-19 pandemic. This situation is expected to lead to market restructuring, forcing the most vulnerable airlines to reduce operations, increase debt, or face heavy losses, while their stronger competitors will capitalize on the situation to invest and grow market share.

7. US Dollar Set for Strongest Monthly Gain Since October 2024: The US dollar is on track to achieve its strongest monthly gain since October 2024, as conflicts in the Middle East disrupt energy markets and prompt investors to seek refuge in the main global reserve currency. The Bloomberg Dollar Spot index has risen by about 3% in March 2026, supported by capital flows into safe-haven assets and the US position as the world’s leading oil producer.

8. Gasoline Price Exceeds $4/gallon in the US: On March 31, gasoline prices in the US crossed the $4/gallon mark (1 gallon = 3.78 liters) for the first time since 2022, as the Israeli-Iranian crisis led to a sharp rise in global fuel prices. According to the American Automobile Association (AAA), the average gasoline price in the US now stands at $4.02/gallon, over a dollar higher than before the Middle East conflict. This is the highest level since the 2022 Russo-Ukrainian conflict, even though in many states prices had already exceeded this threshold due to supply differences and taxes.

Source: https://baotintuc.vn/kinh-te/diem-tin-kinh-te-the-gioi-noi-bat-ngay-3132026-20260331211651170.htm