Here are the latest global economic developments on Monday around 23:00 GMT, in the context of the war in the Middle East.
– Panama Canal records increase in traffic The war in the Middle East has led to a significant increase in the number of ships using the Panama Canal, said a spokesperson for the interoceanic waterway on Monday. They had predicted about 34 daily passages for this year but in the past two weeks, they have recorded 38, 39, or even 40 passages.
– Iran plans to impose toll on Strait of Hormuz A parliamentary committee in Iran has approved a project to impose fees on ships passing through the strategic Strait of Hormuz. The project includes banning passage for Americans and Israelis, as well as other countries imposing sanctions on Iran. Since the war began, traffic in the Strait of Hormuz has decreased by about 95%.
– Oil prices above $100, stock markets rebound By 21:00 GMT, the price of a barrel of Brent crude was nearly stable at $112.78, while the West Texas Intermediate barrel was at $102.88, representing a 3.25% increase. European stock markets made gains following last week’s declines, with London up 1.43%, Frankfurt up 1.18%, Milan up 1.02%, and Paris up 0.92%.
– Dubai announces significant aid for businesses and households Authorities in Dubai have unlocked 237.6 million euros in financial aid to support businesses and households amid the Middle East war affecting Gulf economies.
– G7 aims to ensure energy market stability The G7 Energy Ministers met virtually under France’s leadership and pledged to take all necessary measures to ensure energy market stability. They called on all countries to refrain from imposing unjustified restrictions on the exportation of hydrocarbons and related products.
– Energy costs drive up German inflation Inflation in Germany rose to 2.7% year-on-year in March, driven by higher energy prices due to the Middle East war. This is the highest level since January 2024.
– Indonesia cuts back on free meal program Indonesia will reduce its costly free meal program for 60 million students and pregnant women to save up to $2.3 billion, amidst the impact of the Middle East war on global oil prices.
– Sri Lanka raises electricity tariffs Sri Lanka announced a potential 40% increase in electricity tariffs starting April 1 due to energy shortages caused by the Middle East war.
– Air Liquide notes “tension” in helium market French industrial firm Air Liquide mentioned a global “tension” in the helium market, particularly in sectors like semiconductors, medical imaging, and defense, and is working to ensure a stable supply for its customers.
