- 'Historic' fallout: IEA -

The Middle East war "is creating the largest supply disruption in the history of the global oil market", as Iran's chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said, citing crude production currently down by at least 8.0 million bpd.

The conflict, which was triggered on February 28 by US-Israeli attacks on Iran, is hampering the global economy's supply of oil and weakening production capacity after Iran tightened its chokehold on the Strait of Hormuz, through which a fifth of global crude passes.

- Russia "positive" on US talks -

Russian President Vladimir Putin's envoy dubbed talks in Florida with US counterparts, the first between the two since the war began, "productive.".

The discussions come after Washington lifted some oil sanctions to ease prices as war engulfed the Middle East.

Kirill Dmitriev said Washington was "beginning to better understand" the importance of Russian oil given the "current crisis on global energy markets" stemming from the Iran conflict and added market cooperation between Russia and the United States was "certainly being discussed".

- China tightens refined oil export curbs -

China has tightened export curbs on refined oil products, Bloomberg News reported, as Beijing seeks to shield its economy from the war.

The world's second-largest economy is the top importer of crude oil, with its refining operations mainly serving the country's massive domestic market.

It also exports refined oil products including gasoline, diesel and jet fuel that totalled 58 million tonnes last year, according to official customs statistics.

- Drone falls near Dubai finance hub -

A drone fell near Dubai's financial district, an AFP journalist saw, a day after some companies evacuated the area following Iranian threats against economic targets linked to the US and Israel.

On Wednesday, US banking giant Citi, consultancies Deloitte and PwC, as well as other firms closed their offices or told employees to leave, mainly in Dubai's financial district, sources told AFP.

Kuwait's international airport meanwhile saw damage from drone attacks, civil aviation said.

- Ships hit, crew rescued -

More than 50 crew were rescued after an attack on two oil tankers in Iraq's territorial waters, Farhan al-Fartousi of the port authorities told AFP.

Fartousi, from Iraq's General Company for Ports, said "all crew members of the two tankers were rescued," adding that the 51 workers were in good condition. The attack killed at least one crew member, an Indian national. Iran's Revolutionary Guards meanwhile said they had struck a Marshall Islands-flagged ship, which they claimed was US-owned, in the north of the Gulf.

- Oil prices fall back -

Oil prices fell back after Brent crude briefly rose back above $100 a barrel.

Brent jumped more than nine percent to as high as $101.59 a barrel, while West Texas Intermediate was also up more nine percent to hit $95.97 but then both dropped off to around $97 and $92 respectively.

- South Korea price cap -

South Korea said a fuel price cap would be imposed to mitigate pressure on the country's energy supply during the Iran war.

With the country heavily reliant on energy imports, including shipments through the Strait of Hormuz, Seoul says it will try to find alternatives to secure supplies. It marks the first such measure introduced in Asia's fourth-largest economy since 1997.

- US to release 172 mn barrels under IEA pact -

The US Department of Energy said it will release 172 million barrels of oil from its strategic petroleum reserve as part of an agreement among International Energy Agency's members to ease market turbulence.

The IEA's 32 members earlier agreed to unlock 400 million barrels, its largest ever joint release.

The US release will begin next week and be completed in approximately 120 days, the DoE said.

bur-cw/tw

X