- Industry warning -

As World Trade Organization ministers prepared to meet in Yaounde, the head of the International Chamber of Commerce bluntly warned that the conflict could cause the "worst industrial crisis" in decades.

"The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s," said John Denton. "From a business perspective, we believe this could yet become the worst industrial crisis in living memory."

- Iran eyes 'other fronts' -

Iran would target shipping in the Red Sea, a crucial conduit for global oil and other goods leading up to the Suez Canal, if the US launches a ground invasion, an unnamed military official told local media.

"If the enemy attempts a ground operation on Iranian islands or anywhere else on our territory, or if it seeks to impose costs on Iran through naval manoeuvres in the Persian Gulf and the Sea of Oman, we will open other fronts as a 'surprise'," the official was quoted as saying by the Tasnim agency, saying Iran could mount a "fully credible threat", notably against the strategic Bab el-Mandeb Strait.

- 'Non-hostile vessels' in Hormuz? -

Iran has said "non-hostile vessels" can transit the Strait of Hormuz if they meet safety and security regulations in coordination with the relevant authorities, the International Maritime Organization (IMO) said Tuesday.

In a statement, Iran insisted that "vessels, equipment and any assets belonging to the aggressor parties -- namely the United States and the Israeli regime -- as well as other participants in the aggression do not qualify for innocent or non-hostile passage".

- Oil drops -

Crude oil prices dropped back on hopes of de-escalation after US President Donald Trump voiced optimism about ending the nearly month-old war and Iran indicated ships from countries not party to the conflict could pass through the Strait of Hormuz.

After rising on Tuesday, Brent crude was down 3 percent at $101.44 a barrel, while West Texas Intermediate was off 2.6 percent at $90.22 a barrel.

The closure of the Strait of Hormuz in the Gulf has battered energy and financial markets, with oil prices up around 40 percent since the start of the fighting.

- WTO sounds fertiliser warning -

Disruptions to fertiliser supplies caused by the Middle East war pose a double threat to global food security through scarcity and high prices, a top World Trade Organization official warned.

Iran has virtually shut the Strait of Hormuz, choking a vital transit route for oil and gas -- as well as fertilisers.

A third of the world's fertilisers normally transit the strait, and the disruption has prompted multiple warnings about the impact on food production.

- IEA ready for another oil stocks release -

The head of the International Energy Agency said Wednesday he was "ready to move forward" with an additional release of oil reserves "if and when necessary".

Fatih Birol's comments in Tokyo came after Japanese Prime Minister Sanae Takaichi asked the agency "to prepare to implement an additional release in case the situation drags on" with the war in the Middle East.

- Fire at Kuwait airport after drones hit fuel tank -

Drones hit a fuel tank and sparked a fire at Kuwait International Airport, the Gulf state's civil aviation authority said on Wednesday, as Iran presses on with its attacks in the nearly four-week regional war.

Citing preliminary information, the Directorate General of Civil Aviation said in a statement posted online that the attack had caused only "limited" damage and no casualties.

- German business morale falls -

German business morale fell in March due to the fallout from the war in the Middle East, a survey showed Wednesday, as the conflict roils energy and financial markets.

The Ifo institute confidence barometer dropped from 88.4 in February to 86.4 in March as the energy price surge raises fears of higher inflation in Europe's biggest economy.

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