Paris (France) (AFP) - Here are the latest economic events in the Middle East war on Tuesday:

- Oil prices climb -

Oil prices rose again as Iran launched fresh attacks on crude-producing neighbours, while stock markets were higher ahead of key central bank meetings.

International benchmark Brent crude was up 1.3 percent in afternoon trading to $101.46 per barrel, while US benchmark WTI rose 1.1 percent to $94.54.

- Iraq asks Iran for tanker passage -

Iraq is in contact with Iran to try to arrange passage for some of its oil tankers through the Strait of Hormuz, the country’s oil minister told local media.

Iraq is a founding member of the OPEC cartel and crude oil sales make up 90 percent of its budget revenues. Before the outbreak of war on February 28, Iraq mainly shipped its oil – roughly 3.5 million barrels per day – from the southern Basra fields via the Strait of Hormuz.

- France signals support for Hormuz escort fleet -

France is ready to help escort ships through the Strait of Hormuz but only once the situation has become “calmer”, President Emmanuel Macron said on Tuesday.

“Once the situation becomes calmer we are ready, alongside other nations, to take responsibility for an escort system,” he said.

- German investment morale plummets -

Investor morale in Germany, Europe’s largest economy, has plunged to its lowest level in almost a year as the Middle East war rattles markets, according to a survey by the ZEW economic research institute.

Sentiment among investors on the future of the German economy fell 58.8 points in the past month, the survey said, leaving it at its lowest level since Trump first imposed sweeping global tariffs last April.

- New Fujairah attack -

A new drone strike hit the Fujairah oil complex on the east coast of the United Arab Emirates on Tuesday causing a fire but no injuries, authorities said.

“Civil defence teams from the emirate intervened immediately on site and are continuing their efforts to bring the situation under control” authorities said in a statement on X.

The facility, which sits on the Gulf of Oman and enables the UAE to bypass the Strait of Hormuz for some exports, was also hit on Monday. A source told AFP that oil was no longer being loaded into storage tanks.

- Drone attack targets Iraqi oil field -

Two drones targeted a major southern Iraqi oil field, an oil ministry spokesperson told AFP, after the second attack in four days.

Majnoon oil field was “targeted by two drones, one hit a telecommunication tower,” but there was no damage, ministry spokesperson Saheb Bazoun said.

A security official said the second drone targeted the offices of an American firm operating at the site.

- Australia hikes rates -

Australia’s central bank hiked its key interest rate, pointing to “sharply higher fuel prices” driven by the Middle East war.

The Reserve Bank of Australia became one of the first major central banks to lift rates in response to the turmoil, raising its key cash rate 25 basis points to 4.10 percent.

- Philippines seek relief -

Hundreds of Philippine tricycle drivers lined up in Manila for cash handouts they hope will provide temporary relief from surging oil prices.

Since the conflict started, the Philippines has implemented a four-day work week for civil servants, seen ferry schedules reduced in some areas, and begun eyeing the possibility of Russian oil imports. Officials have unveiled price hikes for a range of local transportation.

- BA prolongs cancellations -

British Airways said it has cancelled flights to and from Middle East destinations Amman, Bahrain, Dubai, and Tel Aviv through May 31 as the war disrupts the global aviation industry.

- China offers help -

China said it will provide humanitarian assistance to Middle Eastern countries, including Iran and Lebanon.

“China has decided to provide emergency humanitarian assistance to Iran, Jordan, Lebanon and Iraq. It is hoped this will help alleviate the humanitarian plight faced by the local populations,” foreign ministry spokesman Lin Jian told a press conference.

- Germany targets oil firms over price gouging -

Germany said Tuesday its competition watchdog will soon get more powers to target energy firms over concerns they are unfairly hiking petrol prices to profit from the wartime oil shock.

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