Motorists queue up at a Star Oil petrol station in Luang Prabang on March 16, 2026, following import disruptions caused by the Middle East war. [AFP]
UN maritime body holds emergency shipping talks
The International Maritime Organization will begin an "extraordinary session" on Wednesday to discuss shipping amid the Middle East war.
The IMO's 40-member council could vote Thursday on several proposed resolutions, including one to "establish a safe maritime corridor to allow the safe evacuation of seafarers and ships stranded in the Persian Gulf".
Oil prices dip
Oil prices fell on Wednesday, reversing a surge the previous day as Iran launched fresh attacks on crude-producing neighbours.
West Texas Intermediate lost more than three percent to sit around $93 in Asia, while Brent sank more than two percent, though it was still holding above $101.
However, analysts warned the positive mood could fade if the crisis drags on and energy costs spiral with Hormuz -- through which a fifth of global oil and gas flow -- effectively closed by Iran.
South Korea secures oil from UAE
South Korea said on Wednesday it would receive an additional 18 million barrels of oil from the United Arab Emirates through alternative supply channels, bypassing the need to use the Strait of Hormuz.
They will deliver the oil through "diversified supply channels", the presidential chief of staff said, declining to elaborate on the route.
About 70 percent of South Korea's oil imports normally pass through the strait.
Iran's top diplomat warns of global repercussions
The repercussions of the war in the Middle East would be felt globally, Iran's top diplomat said on Wednesday.
The "wave of global repercussions has only begun and will hit all — regardless of wealth, faith, or race," Iranian Foreign Minister Abbas Araghchi posted on X.
Iran vets friendly ships for Hormuz passage: trackers -
Iran is selecting ships from friendly countries to pass through the Strait of Hormuz, data trackers indicated.
Iraq is in contact with Iran to try to arrange passage for some of its oil tankers through the strait, the country's oil minister told local media.
Mohamed Bagher Ghalibaf, the speaker of Iran's parliament, however, warned that the strait "won't return to its pre-war status."
US does not need help from allies on Iran, Trump says
President Donald Trump said Tuesday that US forces "no longer need" military help in the Iran war, after his calls for assistance from allies to reopen the Strait of Hormuz to oil traffic were largely rebuffed.
The US president has spent recent days griping about how world powers have so far declined to send warships to escort tankers through the narrow waterway through which roughly a fifth of global oil and natural gas passes.
On Tuesday, Trump accused NATO allies of making a "foolish mistake" by refusing to help.
Germany to probe energy firms
Germany said Tuesday its competition watchdog would soon get more powers to target energy firms over concerns they were unfairly hiking petrol prices to profit from the wartime oil shock.
Investor morale in Germany, Europe's largest economy, has plunged to its lowest level in almost a year as the Middle East war rattles markets, according to a survey by the ZEW economic research institute.
Fujairah attack
A drone strike hit the Fujairah oil complex on the east coast of the United Arab Emirates on Tuesday causing a fire but no injuries, authorities said.
The facility, which sits on the Gulf of Oman and enables the UAE to bypass the Strait of Hormuz for some exports, was also hit on Monday.
Australia hikes rates
Australia's central bank hiked its key interest rate, pointing to "sharply higher fuel prices" driven by the Middle East war.
The Reserve Bank of Australia became one of the first major central banks to lift rates in response to the turmoil, raising its key cash rate 25 basis points to 4.10 percent.
Airlines to make tough choices
US carriers will face tough challenges in the months ahead if jet fuel prices stay high, but for now consumers are still booking trips in numbers, airline CEOs said Tuesday.
Scandinavian airline SAS, however, said it would cancel at least a thousand flights in April over the fuel price surges.
