Drivers queue to refuel rickshaws at a fuel station on the outskirts of the Sri Lankan capital, as the war's economic impact mounts worldwide (Ishara S. KODIKARA)

Drivers queue to refuel rickshaws at a fuel station on the outskirts of the Sri Lankan capital, as the war’s economic impact mounts worldwide (Ishara S. KODIKARA) · Ishara S. KODIKARA/AFP/AFP

Here are the latest economic events in the Middle East war on Tuesday:

– Stocks rise as oil pushes higher –

Oil prices resumed their push higher as several countries pushed back against US President Donald Trump’s demand that they help secure the Strait of Hormuz, while Iran continued to target crude-producing neighbours.

Traffic in the Gulf waterway through which a fifth of global crude oil passes has been severely disrupted by the war.

International benchmark Brent North Sea crude pushed up 2.6 percent to $102.84 per barrel, while the main US contract West Texas Intermediate had increased 2.4 percent to $95.77 at around 0230 GMT.

– Drone strike sparks UAE oil field fire –

A drone strike caused a fire at a major oil field in the United Arab Emirates, authorities said, as Iran continued its drone and missile strikes across the Gulf.

The Shah oil field, located 230 kilometres (143 miles) south of Abu Dhabi city, has a production capacity of approximately 70,000 barrels of crude oil per day, according to the UAE’s state-owned energy giant ADNOC.

– Drone attack targets Iraqi oil field –

Two drones targeted a major southern Iraqi oil field, an oil ministry spokesperson told AFP, after the second attack in four days.

Majnoon oil field was “targeted by two drones, one hit a telecommunication tower,” oil ministry spokesperson Saheb Bazoun said, adding that there had been no damage.

A security official confirmed the attack and said the second drone had targeted the offices of an American firm operating at the site.

– Pakistani tanker transits Hormuz –

A Pakistani oil tanker transited the Strait of Hormuz with its automatic transponder system activated, monitor Marine Traffic said, the first such voyage by a non-Iranian tanker since the start of the war.

Marine Traffic said on X that the 237-metre-long Pakistani-flagged oil tanker had a draft of 11.5 metres, indicating it was heavy and likely loaded.

– IEA hints at more releases –

International Energy Agency chief Fatih Birol said more strategic oil stocks could be released if necessary to limit the fallout of the virtual blockage of supplies through the Strait of Hormuz owing to the war on Iran.

“In terms of government stocks and industry stocks held under government obligation, if you combine them, there will be still over 1.4 billion barrels remaining, which means we can do more later as and if needed,” Birol said in a video statement.

– UAE’s ADNOC ‘suspends’ loading oil at Fujairah terminal –

The UAE’s state-owned energy giant ADNOC halted the loading of oil into storage tanks at their Fujairah facility, a source with knowledge of the operations told AFP Monday, following repeated strikes on the energy installation.

Fujairah is home to a major port where Iranian attacks have already targeted oil storage tanks. The port is also home to a key oil export terminal just at the entrance of the Strait of Hormuz.

– Iraq hopes to revive pipeline –

Iraq is hoping to ship up to 250,000 barrels of oil per day to a port in Turkey via a rehabilitated pipeline that has been out of service for years, its oil minister said, after the US-Israeli war on Iran cut off its main export route.

The amount would be just a fraction of the roughly 3.5 million barrels per day (bpd) that Iraq exported before the conflict, mostly through its southern Basra port and the Strait of Hormuz.

– Japan starts releasing oil stocks –

Japan said it was beginning the release of its strategic oil reserves after the International Energy Agency indicated earlier that the release would begin in Asia and Oceania before other regions.

IEA members agreed on March 11 to tap oil stockpiles to cushion the surge in prices caused by the war — by far the largest-ever response of its kind. The IEA said releases in Europe and North America would start before the end of March.

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