Benise Balaoing

Israeli emergency services secure the scene of a missile attack near Bet Shemesh, some 30 kilometers west of Jerusalem on March 1, 2026. Ahmad Gharabli, AFP

Article (news)

Middle East war

Agence France-Presse

<p>MANILA -- Here are the latest economic events in the Middle East war on Wednesday:</p><div><strong>US to release 172 million barrels under IEA oil pact</strong></div><p>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 (IEA) members to ease market turbulence.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/12/oil-prices-jump-despite-strategic-reserve-release-0846" rel="noopener noreferrer" target="_blank">Oil prices jump despite strategic reserve release</a></div><p>The IEA&#x27;s 32 members earlier agreed to unlock 400 million barrels, its largest ever joint release.</p><p>The US release will begin next week and be completed in approximately 120 days, the energy department said.</p><div><strong>Iranian hacking group targets US medical firm</strong></div><p>The Iran-linked hacking group Handala claimed responsibility for a cyberattack on US medical technology giant Stryker, saying it had extracted 50 terabytes of data in retaliation for the US war on Iran.</p><div><strong>Iran prepared to &#x27;destroy&#x27; world economy</strong></div><p>Iran said it was ready for a long war of attrition that would &quot;destroy&quot; the world economy.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/11/rate-hike-possible-if-oil-price-hikes-continue-bsp-chief-1619" rel="noopener noreferrer" target="_blank">Rate hike possible if oil price hikes continue – BSP chief</a></div><p>The US and Israel &quot;must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy,&quot; Ali Fadavi, adviser to the Revolutionary Guards&#x27; commander-in-chief, told state television.</p><div><strong>G7 rejects lifting Russian sanctions</strong></div><p>Group of Seven nations rejected easing punitive measures against Russia over its invasion of Ukraine as the Middle East war wreaks havoc on global oil markets, France&#x27;s President Emmanuel Macron said.</p><p>&quot;This situation in no way justifies lifting the sanctions that exist against Russia,&quot; he said after a video call with other G7 leaders to discuss the war&#x27;s economic fallout.</p><div><strong>Ships hit</strong></div><p>Iran&#x27;s Revolutionary Guard said it had struck the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree because they had entered the Strait of Hormuz &quot;after ignoring the warnings&quot;.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/11/agri-dept-eyes-tapping-p10-b-presidential-fund-to-augment-fuel-subsidy-1832" rel="noopener noreferrer" target="_blank">Agri dept eyes tapping P10-B Presidential Fund for farmers, fisherfolks to augment fuel subsidy</a></div><p>Iraqi officials later said they had rescued 20 crew of an oil tanker that came under an unspecified attack in the country&#x27;s territorial waters.</p><div><strong>Drones hit Oman port</strong></div><p>Drones struck fuel tanks at Oman&#x27;s Salalah port on Wednesday, state media reported.</p><div><strong>Citi, Deloitte, PwC clear offices in Gulf</strong></div><p>Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened US- and Israel-linked economic targets and centres in the Middle East.</p><p>US finance group Citi and British consultancy Deloitte evacuated offices in Dubai&#x27;s financial centre, while PwC, another British consultancy, closed offices in Saudi Arabia, Qatar, the UAE and Kuwait.</p><div><strong>Fuel queues</strong></div><p>Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices over the war.</p><div><strong>Drones target Saudi oil field</strong></div><p>Saudi Arabia&#x27;s defense ministry said on X that it had intercepted seven drones heading towards the Shaybah oil field in the southeast of the country.</p><div><strong>ECB inflation vow</strong></div><p>European Central Bank chief Christine Lagarde said that &quot;everything necessary&quot; would be done to &quot;keep inflation under control.&quot;</p><div><strong>Hormuz confusion</strong></div><p>The US energy secretary said in a video on X that the US Navy had escorted an oil tanker through the Strait of Hormuz -- but the post was deleted within minutes.</p><p>The White House subsequently stated that the US Navy had not escorted any tankers through the strategic Gulf passage.</p><p>Iran&#x27;s Revolutionary Guards said no US Navy vessel has &quot;dared&quot; to approach the strait.</p><div><strong>UAE refinery</strong></div><p>The region&#x27;s biggest single-site oil refinery, at Ruwais in the United Arab Emirates, was closed as a precaution after a drone attack on the industrial complex that houses it caused a fire, a source familiar with the situation told AFP.</p><p>A driver working at the complex, who asked not to be named, told AFP they saw &quot;bursts of fire rising from the complex, with loud sounds like explosions.&quot;</p>

Middle East war: global economic fallout

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Middle East war: global economic fallout

Agence France-Presse

Published March 12, 2026 11:48 AM PHT

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