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Middle East war: global economic fallout Paris, France, April 7 (AFP) Apr 07, 2026 Here are the latest economic events in the Middle East war:
Oil prices jumped after US-Israeli strikes on the key Iranian oil export terminal of Kharg island. But they later moderated, with the West Texas Intermediate rising 0.5 percent to $112.95 a barrel and the Brent international benchmark slipping 0.6 percent to $109.27 a barrel.
The Indian Ocean island is a net importer of fuel, most of which comes from Oman, just south of the crucial Strait of Hormuz.
Jubail is home to one of the world's largest industrial cities, where steel, gasoline, petrochemicals, lubricating oil and chemical fertilisers are produced.
"Operations in Khalifa Bin Salman Port will be temporarily suspended from early April 8," APM Terminals Bahrain, which operates the port, told AFP.
The draft resolution prepared by Bahrain and supported by the United States received 11 votes in favor, two against and two abstentions. Bahrain's Foreign Minister Abdullatif bin Rashid Al Zayani said Gulf states "regret" the rejection of the measure.
A bridge near the holy city of Qom and another carrying a railway line in the central city of Kashan were struck, according to regional officials quoted by state media. A key highway in northern Iran connecting the main northern city of Tabriz with Tehran via Zanjan was also temporarily closed after a hit around 90 kilometres (55 miles) outside of Tabriz, IRNA and Fars agencies reported.
"The American-Zionist enemy has carried out several attacks on Kharg island, and several explosions have been heard there," Iran's Mehr news agency reported. According to an X post by journalist Barak Ravid of the news site Axios, citing a US official, the US carried out "strikes on military targets" on the island located off Iran's western coast.
"For the sake of good neighbourliness (we) have had some reservations in choosing targets for retaliation, but all these reservations have since been removed," it said. burs-cw-bys/md |
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