Middle East war: global economic fallout

- First ships through Hormuz -

Two ships have passed through the Strait of Hormuz since Iran agreed to reopen the waterway as part of a ceasefire deal with the United States, the Marine Traffic monitoring group said Wednesday.

During the two-week ceasefire, passage through the strait "will be possible via coordination with Iran's Armed Forces", Iran's Foreign Minister Abbas Araghchi said on X.

- German company avoiding Hormuz -

German shipping giant Hapag-Lloyd said Wednesday its vessels would not resume transiting the Strait of Hormuz for now as the situation remains "tense" despite a ceasefire between the United States and Iran.

Six Hapag-Lloyd vessels are currently stranded in the Gulf, and "we are continuously and very carefully assessing when transit will be possible again," German media quote a  company spokesman saying Wednesday.

- Oil plunges, stocks soar -

Oil and natural gas prices dropped sharply after the ceasefire between the United States and Iran. The most widely traded oil contracts were down more than 15 percent.

Stock markets in Europe and New York opened broadly higher, following strong gains seen in Asia, while the dollar -- a haven for investors during market turbulence -- fell back against the euro and pound.

Stock markets rose even as shares in energy companies tumbled on the back of lower oil prices.

- Shell sees higher profits -

British energy giant Shell said first-quarter earnings were set for a "significant" boost from oil prices soaring during the Middle East war, which nevertheless lowered its production. Results are due May 7.

Gas production is expected to be lower than at the end of 2025 because of damage to facilities in Qatar, it added.

- Trump threatens tariffs -

President Donald Trump threatened to impose 50-percent tariffs on any country supplying weapons to Iran,

He also said in a separate post that his administration was "talking Tariff and Sanctions relief with Iran".

- Iraq reopens airspace -

Iraq's civil aviation authority said it was reopening the country's airspace following the announcement of a US-Iran ceasefire, after it was closed due to the Middle East war.

- Jet fuel disruptions to linger -

It will take months for jet fuel supplies and prices to normalise even with the Strait of Hormuz open, the head of the International Air Transport Association (IATA), Willie Walsh, said Wednesday.

"I don't think it's going to happen in weeks," he said, given the disruption to the refining capacity in the Middle East. 

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