Day 29 Iran War Latest: Oil jumps past $100 as war tensions spread

Oil prices rose and Asian stocks fell on Monday as the Middle East war escalated, with Yemen’s Houthi rebels entering the conflict and investors increasingly concerned that the United States would send in ground troops. Here are the latest economic events in the Middle East war: Asian stock markets fell between one and three percent, and European markets opened mixed. Brent was up more than three percent at near $109 a barrel and WTI rose more than two percent, pushing it past $100 a barrel to near $102.

The French government said ministers from the G7 would hold talks on Monday on the economic consequences of the war in the Middle East. Finance Minister Roland Lescure said the meeting would include energy and finance ministers as well as central bank chiefs and the heads of other international agencies. Australian Prime Minister Anthony Albanese said the country would halve a tax on fuel to reduce costs for motorists experiencing soaring petrol prices.

Australia charges a sales tax of 52 cents ($0.35) on each litre of petrol sold at the pump, which will be halved for three months. Bangladesh has ordered civil servants to switch off lights and turn down air conditioning to save power as the Middle East war worsens an energy crunch. The Philippines’ sole oil refinery has secured nearly 2.5 million barrels of Russian crude, according to a stock exchange filing.