- G7 meeting -

The French government said ministers from the G7 will hold talks Monday to unpack the economic consequences of the war in the Middle East.

Finance Minister Roland Lescure said the meeting would include energy and finance ministers as well as central bank chiefs and the heads of other international agencies.

G7 allies held a meeting, attended by US Secretary of State Marco Rubio, in France last week.

The ministers "reiterated the absolute necessity to permanently restore safe and toll-free freedom of navigation in the Strait of Hormuz", according to the final statement.

- Australia halves fuel tax -

Australian Prime Minister Anthony Albanese said the country would halve a tax on fuel to reduce costs for motorists experiencing soaring petrol prices.

Australia charges a sales tax of 52 cents on each litre on petrol sold at the pump, which will be halved for three months.

- Philippines secures Russian crude -

The Philippines' sole oil refinery has secured nearly 2.5 million barrels of Russian crude, according to a stock exchange filing.

Petron said it had agreed to purchase the oil after seeing at least four million barrels in shipments cancelled since the start of the Middle East war.

- Asian stocks down -

Japanese and South Korean stocks led losses across Asian markets, while oil prices jumped more than three percent.

Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila also fell.

The price of the main US benchmark for oil rose past $100 a barrel, while Brent climbed close to $117.

- Iran strikes Gulf energy targets -

An Iranian strike on a power station in Kuwait killed one worker and caused "significant material damage", according to the Gulf state's electricity ministry.

Over the weekend, Iran claimed missile and drone attacks on two major aluminium plants in the Gulf, targeting what they described as industries linked to the US military.

Aluminium Bahrain said its facility was targeted and that two employees were wounded in an attack on Saturday, while the UAE's Emirates Global Aluminium said one of its sites in Abu Dhabi suffered significant damage, and six people were wounded.

Iran's energy ministry, meanwhile, reported power outages in the capital, its surrounding region and Alborz province "following attacks on electricity industry facilities".

- Trump on Kharg Island -

US President Donald Trump said in an interview with the Financial Times that he could take Iran's Kharg Island "very easily".

When asked about the state of Iranian defence on the island, he said: "I don't think they have any defence. We could take it very easily."

Kharg Island, located off the west coast of Iran, is a vital oil terminal for Iran.

- Indonesia introduces austerity measures -

Indonesia plans to cut back on its free meal programme in a bid to save up to 40 trillion rupiah ($2.3 billion) amid price pressures from the war, an official told AFP.

The meals, primarily intended for schoolchildren across the country, will be distributed for five days a week instead of six, starting March 31.

- Taiwan to freeze LPG prices in April -

Taiwan said it would freeze the prices of liquefied petroleum gas in April.

"Liquefied petroleum gas prices will remain unchanged in April, and key feedstocks such as ethylene and propylene will be prioritised for domestic downstream industries," a statement from the island's cabinet said.

- Iran allows tankers to transit Hormuz -

Iran allowed 10 oil tankers to pass through the strategic Strait of Hormuz, according to Donald Trump.

The tankers were believed to be Pakistani-flagged.

Pakistan Foreign Minister Ishaq Dar announced separately that Iran had allowed "20 more ships" under the Pakistani flag -- or two ships daily -- to pass through the waterway.

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