Global Economic Highlights on March 23, 2026

1. Oil Prices Drop Over 13% Following US Military Plans Delay Against Iran: Global crude oil prices fell over 13% on March 23 after US President Donald Trump announced a temporary suspension of military plans targeting Iranian power plants and energy infrastructure. By 6:08 pm (Vietnam time) on March 23, Brent had lost about $17, or 15%, settling at $96 per barrel. Meanwhile, West Texas Intermediate (WTI) declined by $13, or approximately 13.5%, to $85.28 per barrel.

2. Gold Prices in Asia Erase All Gains Since Early 2026: Gold prices dropped over 3% on Asian markets on March 23, almost wiping out all gains made since the beginning of 2026 as the Middle East conflict entered its fourth week. By 11:17 am (Vietnam time) on March 23, spot gold prices fell by 3.3% to $4,345.45 per ounce.

Earlier in the session, the precious metal dropped to $4,320.30 per ounce, marking the eighth consecutive day of decline, the longest and most significant losing streak since 1983.

3. IEA to Consult Asian and European Governments on Releasing New Oil Reserves: Fatih Birol, Executive Director of the International Energy Agency (IEA), announced in Australia on March 23 that the agency would consult with Asian and European governments on releasing new oil reserves if necessary due to conflicts in the Middle East.

4. Iran Considers Imposing Passage Fees in the Strait of Hormuz: On March 22, American media reported that the Iranian government would impose passage fees of up to $2 million on certain tankers passing through the Strait of Hormuz, raising concerns about potential disruptions to energy supplies and global oil and gas prices.

A warship navigates through the Strait of Hormuz on March 1, 2026.

5. China Implements Temporary Fuel Price Controls for the First Time Since 2013: On March 23, the Chinese government announced it capped fuel price increases to mitigate the impact of rising oil prices due to the Middle East conflict. This marks the first time since 2013, under the current fuel price mechanism, that China is implementing temporary control measures to ease the burden on consumers.

Vehicle refueling at a gas station in Jiangsu, China.

6. Bitcoin Hits Lowest Level in Two Weeks Due to Middle East Tensions: Bitcoin prices hovered around a two-week low on March 23 session following a significant decline in early Asian markets amid escalating tensions in the Middle East. The world’s largest cryptocurrency briefly fell to $67,371 per bitcoin—the lowest price since March 9—before rebounding to around $68,000.

Bitcoin cryptocurrency. Photo: Reuters/VNA

7. China Vows to Continue Economic Opening: The Chinese Development Forum 2026 in Beijing on March 22-23 emphasized China’s commitment to promoting increased market openness, importing high-quality foreign products, and collaborating to foster optimal and balanced trade development for global economic and commercial prosperity.

8. EU to Temporarily Apply FTA with Mercosur from May 1: The European Union announced on March 23 that it would officially and temporarily apply the Free Trade Agreement (FTA) with the Southern Common Market (Mercosur) from May 1, 2026, even as a high court has not yet made a final decision on the agreement’s legality.

European Commission building in Brussels, Belgium. Photo: THX/VNA

9. UBS: Energy Prices Could Remain High for a Long Time: UBS Group CEO Sergio Ermotti predicts that energy prices will likely remain high as investors assess the significant impact of the Middle East conflict on the global economy. Clients are not currently adjusting their asset allocations due to the conflict, and a comprehensive evaluation of its impact will require more time.

Source: News Source