Here are the latest economic events in the Middle East war on Friday:
US lifts Russia restrictions
The US Treasury Department said it would temporarily allow the sale of Russian oil that is at sea, as energy prices soared after US-Israeli strikes on Iran plunged the crude-rich Middle East into war.
French President Emmanuel Macron said after a video call with Group of Seven leaders that easing sanctions on Moscow — imposed over its Ukraine iinvasion — was “in no way” justified.
Russia’s economic envoy Kirill Dmitriev said that the global energy market “cannot remain stable” without his country’s oil.
Oil down, stocks up
Brent crude slid below $100 a barrel Friday while European stocks were mostly higher in early afternoon trading.
Serbia cuts fuel tax by 20%
Serbia’s government temporarily cut fuel taxes by 20 percent as countries around the world grapple with surging oil prices. The energy ministry announced that the excise duties on petrol and diesel would be reduced from Friday until April 15.
African nations have limited oil reserves
Fuel shortages caused by the war in the Middle East could knock up to three percent off African economies if they persist, a top regional energy regulator told AFP on Friday.
Most African countries have fuel reserves for just 15 to 25 days, compared to the International Energy Agency standard of 90 days, Geoffrey Aori, CEO of the Regional Association of Energy Regulators for Eastern and Southern Africa, told AFP.
African governments must mitigate the impact with immediate fuel rationing, and subsidies to cushion the blow of inflation and weaking currencies, though that is not sustainable beyond a few weeks, he said.
Nepal restricts cooking gas
Nepal has started selling half-filled cooking gas cylinders to curb hoarding and panic buying, officials said, following import disruptions caused by the war.
The landlocked Himalayan nation of 30 million relies almost entirely on India for the transportation of its fossil fuel needs and some 90 percent of India’s liquefied petroleum gas passes through the Strait of Hormuz.
Australia slams price-gouging
Australia’s energy minister warned against “dangerous” price gouging of petrol as he relaxed rules on how much fuel companies needed to hold in stock in a bid to boost supply.
The country, which relies on oil imports for fuel, has seen petrol prices spike due to panic buying since the outbreak of the war.
China-US talks
With markets reeling from the impact of the war on Iran, China’s top economic official will leave on Saturday for talks with his US counterpart in France, less than three weeks before President Donald Trump’s expected summit with President Xi Jinping. Treasury Secretary Scott Bessent is set to lead the US delegation.
Beijing is a close partner of Iran but has criticised its strikes against Gulf states.
Dubai finance district hit
A building in Dubai’s financial district was hit by debris from an intercepted attack Friday, witnesses said. On Wednesday, US banking giant Citi, consultancies Deloitte and PwC, as well as other firms closed their offices or told employees to leave, mainly in the Dubai International Financial Centre (DIFC).
Drones near Iraqi oil field
Two drones fell near a major southern Iraqi oil field, hitting communications towers near the Majnoon site, without causing casualties or material damage, oil ministry officials told AFP.
The oil field had already paused operations prior to the incident.
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