- Oil tumbles on peace hopes -

Oil prices tumbled more than 10 percent on Monday after US President Donald Trump said the United States and Iran were holding "very good and productive" talks and that he would postpone threatened strikes on Iranian energy infrastructure as a result.

Oil prices had been higher earlier in the day after the US and Israel warned at the weekend that the war against Iran, which has disrupted oil deliveries through the Strait of Hormuz, would continue for several more weeks.

Stock markets rose following the announcement of the talks.

- IEA chief issues warnings -

International Energy Agency chief Fatih Birol warned on Monday that the global economy is under "major threat" from the energy crisis caused by the Middle East war, adding that "no country will be immune".

At least 40 energy assets across nine countries in the region were "severely" damaged due to the war, Birol added.

- China limits fuel prices -

China has limited the amount by which the country's retail fuel costs can rise, the government announced Monday, as oil prices have surged due to the Middle East war.

China's state planner, the National Development and Reform Commission (NDRC), said it hiked the maximum retail prices for gasoline and diesel by 1,160 yuan ($168) and 1,115 yuan per metric ton respectively, starting from midnight.

- Sweden to cut fuel taxes -

Sweden's government said Monday it was proposing to temporarily lower taxes on petrol and diesel to soften the blow of surging energy prices.

If passed by parliament, the proposed tax cut would go into force on May 1 and last until the end of September, and as a first step be lowered to the EU's minimum level.

"All parties need to recognise that what is happening in the Middle East and the rest of the world is putting Sweden's economy to the test," Prime Minister Ulf Kristersson told a press conference.

- Indonesia eyes cutting fuel use -

Indonesia is eyeing up measures to cushion Southeast Asia's largest economy from the fallout of the war in the Middle East, including steps to conserve fuel such as one day of remote working per week for government and certain public sector workers.

- Greece announces relief measures -

Greek Prime Minister Kyriakos Mitsotakis said that the government had earmarked 300 million euros ($347 million) in relief for households and farmers in April and May to help them cope with rising fuel prices.

The subsidies are targeted at reducing the cost of diesel fuel, petrol and fertiliser. Part of the initiative is aimed at holding back price hikes in ferry fares to the country's many islands, Mitsotakis said.

- Croatia extends fuel price caps -

Croatia on Monday renewed fuel price caps in place since March 9 to curb rises at the pump, Prime Minister Andrej Plenkovic said.

Diesel will be capped at 1.73 euros ($2.01) per litre, instead of a projected 1.86 euros ($2.16), while petrol will be 1.62 euros ($1.88) per litre rather than rising to 1.71 euros ($1.98).

The capped retail prices will apply for two weeks, but won't apply to filling stations along the international highway.

- France urges refinery boost -

The French government urged refiners to quickly increase production on a temporary basis to help reduce tension in the markets for fuels in Europe.

- Australia, Singapore to cooperate on energy -

Australia and Singapore agreed to cooperate in ensuring smooth supply chains of oil, liquefied natural gas and diesel.

"We are committed to working together to strengthen energy supply chain resilience," they said in a joint statement.

- Cambodia supplier suspends LPG -

A major energy supplier in Cambodia has said it will halt sales of liquefied petroleum gas from the start of next month due to supply disruptions resulting from the Middle East war.

Sokimex, a supplier of premium cooking and burning fuel in the southeast Asian nation, announced late on Sunday that it would "temporarily suspend the supply of LPG effective from April 1".

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APRIL