- Asian stocks recover on Trump u-turn -

Asian stocks rose Tuesday after Donald Trump delayed strikes on Iranian energy sites, but oil prices edged back up as optimism over a possible de-escalation of the Middle East war remained shaky.

Trump's comments had come after Asian markets had closed Monday, leading to shares rebounding in Europe and on Wall Street. On Tuesday, Tokyo was up more than one percent, while Seoul and Hong Kong rose more than 2 percent.

Iran has denied Trump's claims of advanced peace talks, and the price of Brent - which had slumped Monday - was back above $100 a barrel on Tuesday.

- Vietnam to cut domestic flights -

Vietnam's national air carrier will suspend nearly two dozen domestic flights a week starting next month because of limited fuel supplies caused by the Mideast war, the nation's aviation authority said.

Major domestic routes and international flights are being maintained, though Vietnamese airlines are working on adding fuel surcharges on international routes.

- Cathay extends flight suspension -

Hong Kong carrier Cathay Pacific said on Tuesday it has extended its flight suspensions to and from Dubai and Riyadh by a month until May 31 because of the war in the Middle East.

- Japan to release oil reserves -

Japan will release another part of its strategic oil reserves and tap into joint stockpiles held by producing nations in the country, Prime Minister Sanae Takaichi said Tuesday.

Japan -- which depends on the Middle East for 95 percent of its oil imports -- announced this month that it was starting to release its strategic oil reserves, which are among the world's largest.

Energy prices have surged since the United States and Israel's war against Iran triggered Tehran's retaliation that disrupted oil deliveries through the Strait of Hormuz.

- Philippines leans on coal -

The Philippines will "temporarily" be forced to lean even more heavily on coal-fired power plants given the soaring costs of liquified natural gas (LNG), energy secretary Sharon Garin said Tuesday.

"We talked to the generation companies, the coal-powered plants, to check how much they can increase their generation," Garin said, calling it a "temporary measure" that could start as early as April 1.

- Ukraine eyeing diesel supply -

Ukrainian President Volodymyr Zelensky on Monday ordered the government to ensure stable diesel supplies, as the war in the Middle East sends oil prices spiralling.

Russia has battered Ukraine's refining capacity since invading in 2022, making Kyiv heavily dependent on fuel imports.

Diesel prices in Ukraine have surged almost 25 percent since the outbreak of the US-Israeli war against Iran, with analysts warning that supply prospects for April remained unclear.

- France takes steps to mitigate prices -

France's government announced some indirect measures Monday to alleviate fuel price rises resulting from the Middle East war, also asking refiners if they were able to boost their output.

The steps include easing some payroll levies, extending deadlines for tax payments and offering public loans for companies in the transport and fishing sectors.

- Oil disruption 'temporary' -

US Energy Secretary Chris Wright said oil market disruptions were "temporary," speaking at a conference in Houston.

But Mike Wirth, chief executive of the US energy giant Chevron, warned that oil prices had yet to fully factor in fallout from the blockade.

"In particular, Asia is facing some real concerns about supply," Wirth said, citing government measures to conserve stocks.

TotalEnergies chief Patrick Pouyanne meanwhile said he expected "very high" liquefied natural gas prices by the summer if the Strait of Hormuz is not reopened.

burs/gv/yad

CHEVRON

TotalEnergies