The agency has said it plans to roll out the refund system in ‌phases

Oil prices climbed above $100 a barrel on Monday as the US Navy prepared to block ships ‌to and from Iran via the Strait of Hormuz, a move that could restrict Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war.

The US military said it would block shipping traffic in and out of Iran’s ports starting ​at 10 a.m. ET (1400 GMT) on Monday, a move that would prevent roughly two million barrels of Iranian oil a day ‌from entering the world’s markets, further tightening global supply.

A Paris court on Monday found cement maker Holcim's Lafarge unit guilty of charges that its Syrian subsidiary financed terrorism and ​breached European sanctions to keep a plant operating in northern Syria during the country's ‌civil war.

Brent crude futures gained $7.03, or 7.4 percent, to $102.23 a barrel by 0810 GMT

India has further ​raised a windfall tax on exports of ‌diesel and aviation turbine fuel it imposed last month to ensure adequate domestic supply.

China’s long-term strategy of diversifying energy sources and building stockpiles is helping it weather disruptions from the Iran war, although some sectors still face major snags, analysts say.

Top finance officials from around the world will convene in Washington this week under the shadow of the war in the Middle East, which has delivered a third major shock to the global economy after the Covid ​pandemic and Russia's full-scale invasion of Ukraine in 2022.

Beijing's long-running prioritisation of energy security has left it well-prepared for such shocks

The dollar slipped on Friday, putting it on track for its largest weekly drop ​since January, as investors sold safe-haven assets on the assumption that oil shipping will resume if a ceasefire holds in the ‌Gulf.

Inflation in the United States rose sharply in March, government data showed Friday, as higher energy prices due to the war in the Middle East hit Americans hard.

LPG exports from the Middle East, Asia’s top supplier of the ‌fuel used for cooking and feedstock for petrochemical plants, have plunged since the US-Israeli war with Iran started in late February.

For the week, all three major US indices advanced by more than three percent

Gasoline prices surged by 21.2 percent between February and March

The International Monetary Fund expects to have to provide up to $50 billion in immediate financial assistance to countries affected by the Middle East war, its managing director said on Thursday, with the crisis likely to have lasting economic effects.

One day after warning of the end of Iranian civilization, Donald Trump has proclaimed “a big day for World Peace”.

The war in the Middle East could weigh on Bangladesh’s economy, disrupting output in key sectors, particularly the readymade garment (RMG) industry, according to a study by the South Asian Network on Economic Modelling (Sanem)

The Fund mission approved the latest tranche of its four-year $2.9 billion bailout provided officials restore cost recovery in energy pricing

Traffic through the Strait of Hormuz remained extremely limited on Wednesday

Equity markets across the globe soared and crude plunged Wednesday after US President Donald Trump announced the two-week halt in the war, and the Islamic republic said it would reopen the Strait of Hormuz as peace talks took place.