Here are the latest global economic developments on Thursday around 00:10 GMT, on the 41st day of the conflict in the Middle East.
Strait of Hormuz: Iran opens new routes The Iranian Revolutionary Guard’s navy announced on Thursday that ships passing through the strait had to take two alternative routes close to the Iranian coast due to the possibility of “mines” on the usual wider route. Despite the reopening of the strait in exchange for a ceasefire in the Middle East, no more than three ships ventured through on Wednesday with their transponders active, showing continued caution.
Asian Stock Markets Cautious, slight recovery in oil By 00:15 GMT on Thursday, the Nikkei in Tokyo was up 0.05% at 56,342 points. In Seoul, the Kospi index was down 0.33% at 5,852 points. At the same time, the WTI crude oil for May delivery rose by 2.80% to $97.05 per barrel, while the Brent crude for June delivery gained 2.59% to $97.20 per barrel.
Oil and gas prices tumbled on Wednesday after the ceasefire announcement, while European and US stock markets surged.
Stable Dollar against Yen, gold eases The US dollar stabilized at 158.70 yen per dollar by 00:20 GMT on Thursday. Gold dropped by 0.28% to $4,707 per ounce, also taking a breather after a significant strengthening the previous day.
The dollar weakened on Wednesday amid a sharp drop in oil prices and a return to risk appetite.
Iran should pay for damage, say UAE The United Arab Emirates believe that Iran should pay for the damage caused by its attacks in the Gulf.
France: Government to ensure rapid fuel price decrease Prime Minister Sébastien Lecornu asked on Wednesday for gasoline prices to drop by the “end of the weekend” or the “beginning of next week.” The government, convening all stakeholders in the sector on Thursday, will ensure fuel prices decrease “as quickly as they rose,” as stated earlier.
France has maintained its target public deficit of 5% by 2026, despite a better-than-expected 2025.
VAT: EU criticizes Spain and Poland The European Commission criticized Spain and Poland on Wednesday for lowering VAT on fuel to control pump prices, citing this measure as contrary to EU law. Madrid and Warsaw were reprimanded in a letter on March 28.
Shell thrives, ExxonMobil struggles British oil giant Shell announced on Wednesday that its first-quarter results would benefit from significant improvement in its sales of petroleum products. Meanwhile, American giant ExxonMobil indicated that disruptions from the Middle East conflict, where its assets typically generate about 20% of global oil production, would reduce its global oil production by around 6% in the first quarter compared to the previous.
Major Saudi oil pipeline targeted by drone, according to the Financial Times A drone attack targeted a significant east-west oil pipeline in Saudi Arabia on Wednesday, according to the Financial Times, the latest attack on Gulf infrastructure since the ceasefire agreement. The Saudi Petroline has proven to be a crucial alternative, as this 1,200-kilometer network connects two essential waterways for global trade, the Gulf to the east and the Red Sea to the west.
