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Middle East war: global economic fallout Paris, France, March 29 (AFP) Mar 29, 2026 Here are the latest economic events in the Middle East war:
Iran's Revolutionary Guards said they launched missile and drone strikes on aluminium plants in Bahrain and the United Arab Emirates, targeting what they described as industries linked to the US military. Aluminium Bahrain (Alba) said in a statement that its facility was targeted by Iran and that two employees were wounded in an attack on Saturday, while UAE's Emirates Global Aluminium (EGA) said one of its sites in Abu Dhabi suffered significant damage, and six people were wounded.
"Liquefied petroleum gas (LPG) prices will remain unchanged in April, and key feedstocks such as ethylene and propylene will be prioritised for domestic downstream industries," a statement from Taiwan's cabinet said.
More than 400 plants have shut as imports through the Strait of Hormuz stalled and tens of thousands of workers have beensent home. The region produces 90 percent of India's ceramics and employs nearly a million people. - Ship insurers juggle war risks -
Operators face sharply higher costs, with some quotes running into tens of millions of dollars for a single passage. Rates that once sat below one percent of a vessel's value have jumped to as high as 10 percent, changing by the hour as underwriters reassess danger in the Gulf's newly expanded "listed" zones.
The International Transport Workers' Federation has logged more than 1,000 messages since February 28, with seafarers reporting shortages of food and water, sending videos of nearby bomb strikes and begging for repatriation. Many are entitled to repatriation and double pay under International Bargaining Forum rules, but crews on vessels without such labour agreements say operators are refusing to release them or cite a lack of flights. - Thailand secures Hormuz transit -
Energy market intelligence firm Kpler said it had identified two container ships belonging to the Chinese firm COSCO that had attempted to leave the Gulf by crossing the narrow waterway, but had turned around.
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