Middle East war: updates on global economic fallout
The Middle East war has caused a surge in oil prices, prompting Japan to release its strategic oil reserves. The global economic fallout from the war continues to unfold, with oil prices stabilizing and equities markets mixed.
Japan has released part of its strategic oil reserves to temper the impact of the Middle East war on the resource-poor nation. Oil prices rose, with Brent up 1% to $103.25 a barrel and West Texas Intermediate up 1.2% to $91.41 a barrel. A ship carrying Russian crude oil has arrived in the Philippines, which is heavily dependent on imported fuel. The US has issued a temporary waiver to allow sales of higher-ethanol E15 fuel, easing smog controls amid concerns about adequate supply. The World Trade Organization has warned of a potential industrial crisis due to the conflict, and the International Energy Agency is ready to release more oil reserves if necessary.
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